(Bloomberg). — Amazon.com Inc. (NASDAQ:). Shares rallied Monday as the Amazon.com Inc (NASDAQ:) became the first megacap tech stock to recover losses from the previous year.

The tech company’s shares rose 2.2% to $3366.63, their highest trading since January 4. After dropping more than 18% in the previous month, they are flat for the year. 

Alphabet Inc (NASDAQ) Inc. is close to recouping its losses in the year, with a 2% decrease each. Microsoft Corp It is just 9% below the NASDAQ: Meta Platforms Inc. (NASDAQ:) and Netflix Inc. (NASDAQ:) both suffered steep losses. They have suffered much more severe losses than expected, with their forecasts failing to materialize and they dropping over 30%. It has dropped to 9% by 2022. 

After being an laggard in 2021, Amazon has now regained its position as market leader. It reported its fourth quarter results in February that were stronger than anticipated. This eased concerns regarding post-pandemic growth prospects. The stock also experienced the largest single day gain of any U.S. stock. It announced the 20-for-1 stock splitting a month later. Wall Street was betting that this move would lead to more retail investor interest.

“We’ve seen a shift back into these kinds of high-quality growth names, with strong balance sheets and market positions, and Amazon’s strength also reflects how strong the consumer continues to be,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab.

Although Treasury yields have risen, major internet and tech stocks have made a strong comeback over recent weeks. It signals an improved earnings outlook that is beginning to outweigh concerns about rising interest rates and geopolitical tensions.

Amazon’s 2022 performance stands in contrast to other names in the e-commerce space. eBay Inc (NASDAQ) dropped almost 13% in 2018, while Etsy Inc (NASDAQ) Inc., and Wayfair Inc. have fallen more than 30%.

(Contains additional details about stock performance in other megacaps.

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