Amazon Stock Nears Record Highs on AI Bets and Cost Cutting
• Amazon stock hits 52-week intraday high of $187.29 per share, nearing record close of $186.57 in July 2021 • Gains driven by big bets on AI like $4B investment in Anthropic and use of AI to speed deliveries • Layoffs across Amazon Web Services (AWS) cloud division contribute to cost cutting and growing profits • Amazon stock up over 23% year-to-date and 81% over last 12 months, outpacing tech rivals • Analyst Brian Nowak raises Amazon price target from $200 to $215 per share on growth prospects