After suffering a 50% drop in its stock in 2022, Amazon (NASDAQ: AMZN) has delivered an impressive turnaround this year.

Last year, high inflation and rising interest rates curbed consumer discretionary spending and caused significant declines in Amazon's e-commerce segments. However, in 2023, the company pulled its retail business back to profitability while delivering multiple quarters of impressive earnings.

As a result, Amazon's stock is up around 80% since Jan. 1. The company is on a promising growth trajectory with a recovering retail business and an expanding position in artificial intelligence (AI).

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Source Fool.com