What's Going On With Amazon Stock? - Amazon.com (NASDAQ:AMZN)

Amazon.com Inc AMZN shares are set to open higher Wednesday. The stock is up approximately 3% over the last week and has rallied about 9% over a one-month period.

What's Going On: Amazon shares have traded higher to start the week on the back of regulatory filings showing multiple investment firms increased exposure to the e-commerce giant during the first quarter.

Tiger Global Management upped its Amazon position by 12% last quarter. Warren Buffett's Berkshire Hathaway also showed interest in Amazon in the first quarter.

According to a Bloomberg report, Amazon is gearing up to add a ChatGPT-style search to its web store. The report indicates that recent job listings show the e-commerce giant aims to reimagine Amazon Search with an "interactive conversational experience."

"This will be a once in a generation transformation for Search," Amazon wrote in a job listing.

The news comes as Amazon reportedly leans on AI to help speed up delivery times. Stefano Perego, vice president of customer fulfillment and global ops services for North America and Europe at Amazon recently told CNBC that the company is using AI to improve logistics.

Amazon is using AI to optimize inventory and improve the transportation process including mapping and planning routes, as well as to account for variables like weather.

AMZN Price Action: Amazon shares were up 0.87% at $114.39 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Amazon.

Market News and Data brought to you by Benzinga APIs