(Bloomberg) -- Amazon.com Inc. shares hit an intraday record on Wednesday, in the latest example of how big tech remains a favored part of the market for investors.

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Shares of the e-commerce and cloud-computing company rose 1% to $201.45, taking out a peak that has stood since July. Shares have risen 25% off an August low, and are up 32% this year, outpacing the 23% gain of the Nasdaq 100 Index. Equities were broadly higher in the wake of the U.S. election.

Recent strength came after Amazon reported strong quarterly results, with particular momentum in its Amazon Web Services cloud division, which is expected to see long-term tailwinds related to artificial intelligence. It also gave a positive forecast for the holiday quarter.

“Amazon is firing on all cylinders. People might have had some skepticism about its cloud, e-commerce, or advertising businesses, but all three seem to be working and that’s creating a lot of value,” said Mike Bailey, director of research at FBB Capital Partners. “The focus on costs and profitability means it is dirt cheap even at an all-time high, and the combination of a company that’s beating expectations, growing quickly, and with a below-average valuation means it is one we continue to want to be overweight on.”

Improvements in profitability have eased concerns about the company’s valuation. Amazon trades at 29 times estimated earnings. While this is above the multiple of the Nasdaq 100 Index, it is a far cry from its 10-year average above 53.

Amazon remains a consensus favorite on Wall Street, as roughly 94% of the analysts tracked by Bloomberg recommend buying the stock. In addition, it sits 15% below the average analyst price target, suggesting firms see potential for shares to continue rising over the coming 12 months.

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