Amazon shares surge 44.4% in 2024 as AI advancements boost investor confidence

Amazon's shares rose 44.4% in 2024, driven by strong investor interest in large technology stocks amid the AI boom. Concerns about Amazon's position in the AI market diminished as the company made significant advancements. In 2023, Amazon launched its Bedrock cloud services, offering diverse AI tools. The company also invested $8 billion in AI firm Anthropic, which agreed to use Amazon's cloud services and chips for future AI models. Financial results showed AWS revenue growth accelerating to 19% in the third quarter, with improved operating margins. Amazon's e-commerce segments also reported growth and margin expansion, reflecting successful cost-cutting and operational changes.