Amazon Poised to Rebound in 2024 on AI Bets and Cloud Growth
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The Nasdaq has historically rebounded strongly after steep declines, suggesting it could soar again in 2024 after its drop in 2022.
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Amazon recently invested billions into AI startup Anthropic, which will use AWS and Amazon's chips, potentially driving more cloud demand.
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Anthropic could serve as a source of lead generation for AWS as Amazon introduces more AI offerings.
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Amazon trades at the lowest price-to-sales ratio among big tech peers, presenting a potentially good buying opportunity.
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Amazon's growth potential in AI is underappreciated compared to peers like Microsoft and Nvidia.