Nasdaq Rebounds in 2023; Amazon Bets on AI to Spur Cloud Growth
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The Nasdaq had a strong 2023, up 43%, partly driven by AI and tech stocks. History shows the index tends to rebound after down years.
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Amazon Web Services is a leader in cloud computing but recently saw slowing growth rates.
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Amazon invested $4B in an OpenAI competitor, which could accelerate AWS growth.
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AI applications like Amazon's Bedrock service running on AWS can drive further cloud adoption.
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With a low P/S ratio of 2.7, Amazon stock looks undervalued compared to peers and its historical average.