Much of the buzz around Magnificent Seven’s actions like Nvidia (NVDA), Microsoft (MSFT), Apple (AAPL), Alphabet (GOOGLE) And Metaplatforms (META) stems from the rise of artificial intelligence. In the meantime, Amazon.com (AMZN) continues to form a “foundation” of AI in collaboration with technology companies like SAP (SAP) and even Meta to help a wide range of companies develop their generative AI strategies.
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At the heart of this approach is Amazonian substrate, a fully managed service that offers a choice of high-performance base models through a single API or application programming interface. Amazon Bedrock also offers a wide range of capabilities for building generative AI applications with security, privacy, and responsible AI.
By expanding this strategy, Amazon Web Services, or AWS, and SAP unlocked a new integration last month. A generative AI hub in SAP AI Core integrates with basic templates in Amazon Bedrock. The goal is to deliver AI-driven generative insights and streamline manual processes for enterprise customers.
A an impressive range of companiesfrom United Airlines (UAL) And PorteDash (HYPHEN) has Salesforce.com (RCMP) And Electronic arts (EA), operated the Amazon Bedrock platform.
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Amazon Stock Lays the Groundwork for a Breakout
While Nvidia, Apple, Microsoft And Alphabet all are trading at or near all-time highs, Amazon continues to work on a second floor flat base showing a buy point of 191.70. Jumping above her 10-week moving average A breakout on Thursday would take the e-commerce and cloud computing giant to a record high.
Further highlighting the bullish action of the Nasdaq, with a strong technological component, Metastock continues to renovate its own base after a sharp decline following the release of its April results. Additionally, Microsoft bounced back into the buy range after breaking through a 430.82 buy point in May. Early Thursday, Nvidia stock hit a new high, teasing the 14o mark after its recent stock split.
On April 30, Amazon reported 216% profit growth. Sales increased 13% to $143.3 billion. Analysts expect second-quarter earnings to rise 87% to $1.22 per share, which would result in a 76% gain for the full year to $5.10 per share. In 2024, Wall Street forecasts an increase of 25% to $6.39 per share.
Kicking off Thursday’s action, Amazon stock jumped from its 10-week line as it attempts to top off its current flat base. It is line of relative force remains on a downward trajectory since the current flat base began to form, but is starting to recover. Look for an upward trend in the RS lineup to show growing market leadership.
Follow Matthew Galgani on Twitter at @IBD_MGalgani.
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