Amazon Stock Is Up 27% This Year. Where Will It Be by the End of 2024?
Amazon (NASDAQ: AMZN) stock is beating the market, up 27% as we enter the second half of the year. Investors are enthusiastic about its prospects in artificial intelligence (AI), but that's only the tip of the Amazon iceberg. Where might Amazon be by the end of the year?
Amazon had an excellent first-quarter report and many updates about new AI launches. Sales increased 13% year over year in Q1, and operating income more than tripled to $15.3 billion. Earnings per share (EPS) of $0.98 flew past Wall Street's expectations.
Amazon is investing in AI in all sorts of ways. It committed $230 million to invest in an accelerator for AI-based start-ups, awarding $1 million to the top 80 applicants "that are using generative AI to solve complex challenges." Last week, it announced an investment in EvolutionaryScale, an evolutionary biology firm that's using generative AI and machine learning to create transformative pharmaceutical products. Those are just two of the ways it's positioning itself to benefit from real changes using generative AI.
Source Fool.com
