Stocks
Amazon's Shares Slip Amid Heavy AI Spending Concerns
Amazon.com (NASDAQ:AMZN) shares declined by 1.8% during trading on Wednesday, closing at $252.40 after reaching a low of $250.65.
The company traded approximately 32.1 million shares, a decline of 33% from the average session volume of 47.9 million shares.
Despite this short-term drop, Amazon's long-term prospects remain strong, with analysts predicting substantial growth in cloud computing and AI workloads.
A recent partnership between Amazon Web Services (AWS) and Qualcomm has been hailed as a major development in the data center market, with potential purchases reaching up to $60 billion by 2036.