- Amazon.Com, Inc AMZN shares are trading higher since its cloud division Amazon Web Services, announced an investment of $12.7 billion in India's cloud infrastructure by 2030 to tap the critical foreign market, despite recent cutbacks.
- The additional funding will likely generate around 131,700 full-time jobs in diverse fields like engineering, telecommunications, and construction.
- The American multinational technology company had a great week that saw hedge funds, including Tiger Global Management and Warren Buffett's Berkshire Hathaway, ramping up exposure to the stock.
- Also Read: Big Tech's Immigration Play Amid Home-Grown Job Cuts: Navigating the H1-B Highway
- The ramp-up of exposure by the hedge funds followed Amazon's delivery network overhaul, forging a deal to make The Lord Of The Rings Game, adding a ChatGPT-like search to the online store, and launching the new lineup of Echo products.
- This week, Amazon leveraged artificial intelligence to speed up deliveries — by minimizing the distance between its products and customers. Amazon also tapped AI to drive its logistics, including transportation, where customers search for products on Amazon and to figure out their inventory.
- Amazon also integrated a chatGPT-style product search into its web store, taking a cue from its Big Tech peers.
- Amazon's launch of the new lineup of Echo products marks its addition of more generative AI-powered experiences for Alexa.
- The stock is up over 37% YTD.
- Price Action: AMZN shares traded higher by 1.32% at $117.03 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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