The stock of e-commerce giant Amazon (AMZN) is trading at a split-adjusted all-time high of $255.54 at noon on Nov. 3.
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AMZN stock has been rallying since the company posted strong third-quarter financial results on Oct. 30, having now gained 15% in the last two trading sessions. Amazon’s share price is up 5% on Nov. 3 after the company announced a $38 billion compute deal with artificial intelligence (AI) start-up OpenAI.
After lagging other mega-cap technology stocks this year, AMZN stock is rallying hard and is now up 30% over the past 12 months, pushing its market capitalization to $2.72 trillion. Many analysts had been pounding the table on Amazon’s stock heading into the company’s Q3 print, saying it was due for a big move higher.
Cloud Computing Growth
Analysts and investors saw plenty to like in Amazon’s most recent financial results. In particular, they liked the 20% growth in the company’s cloud-computing unit, which had previously been holding the company and its stock back.
In the company’s earnings release, Amazon CEO Andy Jassy said that cloud computing is “growing at a pace we haven’t seen since 2022” due to rising AI demand. Amazon remains focused on developing AI offerings, having recently opened its $11 billion AI data center called Project Rainier.
Is AMZN Stock a Buy?
AMZN stock has a consensus Strong Buy rating among 42 Wall Street analysts. That rating is based on 42 Buy recommendations assigned in the last three months. The average AMZN price target of $291.95 implies 14.22% upside from current levels.
