Despite the rapid growth of interest in artificial intelligence, Amazon shares have been lagging behind the Nasdaq 100 index for most of the year, and this trend intensified after the publication of the company's weak report on July 31. Since the beginning of the year, the technology index has gained almost 13%, while Amazon has grown by only 5.5%. The main disappointment factor was the Amazon Web Services (AWS) cloud business, where growth turned out to be significantly weaker than expected. Investors fear that the company is gradually losing market share, and its investments in AI have not yet brought as noticeable an effect as those of competitors – Microsoft or Meta Platforms. Although AWS remains the largest player in the computing power rental market, its revenue grew by only 17% in the second quarter. For comparison, sales of Microsoft's Azure cloud division increased by 39%, while Google Cloud increased by 32%. Against the background of the AI boom, Oracle and CoreWeave are also actively strengthening their positions, increasing their capacity to work with artificial intelligence. Nevertheless, investors view the giant's long-term prospects positively. Investments in AI are expected to help Amazon increase efficiency and improve service in all key business areas. The company's shares are still among the most popular on Wall Street: more than 90% of 82 analysts recommend them for purchase, and none for sale.
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