Amazon Stock Sets All-Time High
Amazon (AMZN) soared to a record high on Thursday, nearing $190 for the first time ever.
That surge has helped Amazon CEO Jeff Bezos grow his net worth to $3.3 billion. The company fell to an incredible low back in 2022, but it has since completely recovered and is sitting prettier than ever. During that time, the retailer’s stock fell 60%, but new leadership helped turn Amazon’s fortunes around.
Amazon is closing in on $2 trillion market capitalization, with just $0.06 trillion left to go. The online retailers behemoth is seemingly unstoppable and may do even better in the next couple of weeks.
Even with inflation high, Amazon is still able to pull in record sales. There is a tendency among consumers to stay home more often when they are worried about the economy and their finances, and they are likely to stress buy online rather than go to big box physical retail stores, which suits Amazon’s business model just fine.
What Helped Amazon Stock Price to Jump?
The main impetus behind the stock increase is attributed to a letter from Amazon CEO Andy Jassy to shareholders telling them that Amazon would be pushing its AI technology to power its own services. The most exciting news from the letter was that the AI software for cloud computing that Amazon developed could be used by other companies to power a revolution in the artificial intelligence industry.
Amazon’s stock price shot up by about 26% as a result, and the news proves that AI-related stocks are still very much relevant and able to outperform most other stock niches.
Amazon stock is doing well despite a market that is trending down. Recent inflation news has hurt market trading and made investors less likely to take unnecessary risks, with the Nasdaq Composite falling 1.33% today already. The Dow Jones is down 0.99%, and S&P 500 is down 1.19% as the weekend trading comes to a close.
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