Amazon (AMZN) stock is trading at an all-time high of $258.79 on April 22 as investors pile back into the artificial intelligence (AI) trade.
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Trade AMZN with leverageAMZN shares are at an all-time high on a split-adjusted basis. The milestone comes as investors risk appetite improves and they move capital back into growth stocks on signs that the war in Iran has reached an indefinite ceasefire.
The record intraday high is a reversal for AMZN stock, which had been among the worst-performing of the so called Magnificent 7 mega-cap technology companies. However, over the last month, Amazon’s share price has risen 22% as investors reassess the companies that are leading the AI buildout.
Amazon Gets Its Mojo Back
Even with the big move higher over the past month, AMZN stock is only up 53% in the last five years, trailing the benchmark S&P 500 index’s 70% gain in the same time period. Still, Amazon is getting renewed attention from investors as it executes on its AI strategy.
Notably, the company recently announced that it investing another $25 billion in AI startup company Anthropic. The deal will see Anthropic spend more than $100 billion on Amazon Web Services (AWS) cloud computing technologies over the next 10 years.
Is AMZN Stock a Buy?
AMZN stock has a consensus Strong Buy rating among 46 Wall Street analysts. That rating is based on 43 Buy and three Hold recommendations issued in the last three months. The average AMZN price target of $284.09 implies 14.91% upside from current levels.
