Somewhat quietly, Amazon (NASDAQ: AMZN) had a monster year in 2023. The tech stock didn't get as much attention as AI stocks like Nvidia, and it wasn't part of the battle royale playing out between Microsoft and in generative AI chatbots. However, Amazon finished 2023 up 81%.

The recovery was due to a sharp sell-off in the stock in 2022 that left it oversold, and an impressive recovery in its profit margins in 2023. Those came from its greatest cost-cutting effort to date, which included laying off roughly 27,000 employees and closing experimental businesses like its Scout home delivery robot and Amazon Care healthcare clinic. It also gained leverage by growing into warehouse capacity that it built during the pandemic.

Heading into 2024, investors might be wondering if Amazon is still a no-brainer buy. Let's look at some of the factors that will affect the stock this year.

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Source Fool.com