Amazon ( (AMZN) ) has been popular among investors this week. Here is a recap of the key news on this stock.
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Amazon continues to make strategic moves to secure its position in the artificial intelligence sector with its recent acquisition of Bee, a company known for its AI-powered wristband that transcribes conversations into a searchable database. This acquisition is expected to enhance Amazon’s ability to develop more advanced personal assistants by leveraging the vast amount of data collected. Despite potential privacy concerns, this move has been positively received by the market, with Amazon’s stock seeing an uptick of 1.75% on Thursday, contributing to a 26.93% rally over the past year.
In addition to its AI endeavors, Amazon is also tackling retail fraud by investing in Cambridge Terahertz, a company that has developed technology capable of seeing through non-conductive materials. This investment aims to reduce the impact of retail fraud, a significant issue for the e-commerce giant. Furthermore, Amazon is expanding its Kindle lineup with new devices, including the Kindle Colorsoft and Colorsoft Kids, offering enhanced features for readers. Analysts remain optimistic about Amazon’s growth prospects, with a Strong Buy consensus and an average price target suggesting an 11.09% upside potential.