Amazon's (NASDAQ: AMZN) stock is up 66% over the last 12 months after a stellar growth year. Cost-cutting measures and investment in lucrative sectors like artificial intelligence (AI) have put the company on a promising trajectory that could offer major gains over the long term.

2023 was a year of recovery for Amazon, as it brought its e-commerce business back to profitability and expanded its cloud platform, Amazon Web Services (AWS). The tech firm's earnings and free cash flow soared, putting it on a solid financial footing for 2024.

With lower costs and growth catalysts throughout tech, the company could be in for another impressive year that you won't want to miss out on. So here are three reasons to buy Amazon stock in 2024.

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Source Fool.com