Amazon Stock Soars 1.5% Amid AWS Growth and Zoox Expansion
Amazon's stock price rose by 1.5% on Thursday, reaching as high as $259.50 and settling at $258.90. The company traded a total of 25,960,677 shares during the day, a decline of 46% from its average session volume of 48,241,723 shares. This move brings Amazon's market capitalization to over $2.79 trillion.
The increase in stock price can be attributed to several factors, including the growth of Amazon Web Services (AWS) and the company's expanding AI infrastructure commitment. Analysts and investors view AWS' profitability and expanding AI demand as key drivers of future earnings and cash flow. In fact, Microsoft, Amazon, and 8 other stocks are expected to benefit from the $26 trillion AI market.
Additionally, Amazon's autonomous-vehicle subsidiary Zoox has expanded its commercial robotaxi operations to Harry Reid International Airport in Las Vegas. This move gives Zoox access to a major transportation hub, strengthening its competitive position against Waymo, Tesla, and Uber.