Posted 3/14/2024, 10:55:00 AM
Amazon Poised for AI Growth, Named Top 2024 AI Stock Pick by Wall Street
- Amazon (AMZN) chosen by several top Wall Street analysts as the best AI stock for 2024 due to growth potential in Amazon Web Services from generative AI
- Amazon has a history of using AI to improve its ecommerce operations and is now providing AI services to cloud customers
- Recently launched Amazon Q, a digital assistant using generative AI, and tools to aid advertisers and consumers
- Analyst Laura Martin suggests cloud AI services could boost Amazon's market cap over $3 trillion due to increasing customer lifetime value
- Despite growth opportunities, Amazon stock trades at just 2 times next year's sales, making it a bargain