Amazon Inc. (Nasdaq:AMZN) is celebrating its 30th anniversary. Founded on July 5, 1994, the company was originally an online marketplace for books. The company has grown into one of the world’s largest companies, with its value now around $2 trillion. In the company’s early days, owner Jeff Bezos soon convinced the Wall Street stock market with the argument that the company didn’t need to show profits, but it needed to create the conditions and culture to do so. Due to this fact, Amazon soon began to dominate the US not only in online shopping, where currently over 40% of all Americans shop with Amazon.
Yesterday , 10.7. 2024 also took place one of Amazon’s biggest events, the so-called AWS Summit in New York , which every year brings the major news of the year. This Summit was all about the latest cloud innovations in cutting-edge technologies, from generative artificial intelligence to analytics, that are revolutionizing industries and enabling businesses to become leaders in the digital era.
The company also holds its annual Amazon Prime Day on July 16-17. This Prime Day 2024 offers massive summer sales on thousands of products. This fact, like every year, will also be reflected in the share price of Amazon Inc (Nasdaq:AMZN). Amazon stock has beaten the market in the first 6 months, adding over 27% to its value in the first half of the year. This has caught the attention of multinational investment corporations, as well as private investors for buying shares of (Nasdaq:AMZN), which is expected to have an equally or more successful second half of the year thanks to Amazon’s ever-evolving AI.
42 Wall Street brokerages have increased their price targets on shares of Amazon Inc (NASDAQ:AMZN). The average target price has been set at $222.45 per share for the short to medium term investment horizon.
Chart source : www.tipranks.com
