The tech market has come a long way since 2022, when macroeconomic headwinds caused a market downturn that saw the Nasdaq-100 Technology index plunge 40%. The same index has since risen 68%, driven by easing inflation and advances in budding markets like artificial intelligence (AI).

Amazon (NASDAQ: AMZN) has been a major growth driver in the market's recovery, with its stock up 113% since the start of 2023 after tumbling 50% the year before. The company has rallied investors with an impressive turnaround in its e-commerce business and an expanding position in AI.

The tech giant is on a promising growth path as the biggest name in online retail and as a leader in cloud computing with its platform, Amazon Web Services (AWS). Amazon continued to prove this on April 30, beating earnings estimates once again and delivering glowing results for its first quarter of 2024.

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Source Fool.com