Amazon (NASDAQ: AMZN) has captivated Wall Street this year, rallying investors with a return to profitability in its e-commerce business and a promising expansion into artificial intelligence (AI). The company's shares are up about 70% year to date, a significant improvement from the 50% tumble its stock took in 2022 amid a market-wide sell-off.

Last year an economic downturn brought steep declines in consumer spending across multiple industries. Amazon's retail business was hit particularly hard, with repeated dips in revenue throughout 2022. However, various cost-cutting measures and easing inflation have put the company back on a growth path.

Amazon's e-commerce business has flourished in 2023. Meanwhile, the company is strengthening its long-term outlook by carving out a lucrative role in the budding AI market. As a result, now is an excellent time to get more familiar with this tech giant and consider investing before it's too late.

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Source Fool.com