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Amazons Stock Price Falls 2% Amid AI Chip Deal Hopes

Guavy AI Editorial Team
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AMZN
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Amazon's stock price fell 2% on Tuesday, closing at $248.42 after trading as low as $247.22.

The decline in value comes despite a number of positive developments for the company, including its potential agreement to purchase up to $60 billion worth of Qualcomm AI chips and its investment in Anthropic, which could be valued as high as $2 trillion if it goes public.

Amazon's Prime Big Deal Days event on October 6-7 is also seen as a positive indicator for holiday demand, with the company reporting that its Amazon Now rapid-delivery business in India has surpassed $1 billion in annualized sales.

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