Amazon Inc (Nasdaq:AMZN) has returned to its all-time high stock price this year. Following the company’s first-quarter earnings report in late April, Amazon stock analysts are bullish on the tech giant, with operating cash flow up 82% to $99.1 billion over the past twelve months, compared to $54.3 billion for the twelve months ended Dec. 31. Free cash flow improved to an inflow of USD 50.1 billion over the last twelve months compared to an outflow of USD 3.3 billion for the last twelve months ending March 31, 2023.
This increase in profits and its ability to fend off rivals in the cloud computing market has ensured its dominance across all multinational technology companies. With a market capitalization of over $1.95 trillion, Amazon is one of the most valuable companies in the world. The company currently shares AI leadership with Microsoft (MSFT) in cloud services through Amazon Web Services or AWS.
Amazon.com, Inc. (NASDAQ: AMZN) also announced on Thursday, June 13, 2024, that it has closed a $230 million commitment to accelerate the creation of generative AI applications, for startups, or small companies, around the world. This AWS credit will provide companies with the learning and education to leverage artificial intelligence (AI) and machine learning (ML) technologies. This first part of the new commitment will fund the second cohort of the AWS Generative AI Accelerator, a program that will provide hands-on expertise and a credit of up to $1 million to each of the top 80 startups using generative AI to solve complex problems. Applications for the AWS Generative AI Accelerator system will be accepted until July 19, 2024.
Vice President of Artificial Intelligence Products at AWS Matt Wood said: “For more than 18 years, AWS has helped more startups build, launch and scale their businesses than any other cloud provider – it’s no coincidence that 96% of all AI/ML unicorns run on AWS.””With this new effort, we’ll help startups start and scale world-class businesses, providing them with the building blocks they need to unleash new AI applications that will impact every aspect of how the world learns, connects and does business.”
The AWS Generative AI Accelerator identifies top early-stage startups that are using generative AI to solve complex problems in areas such as financial services, healthcare and life sciences, media and entertainment, business, and climate change, among others. Participants will have access to sessions on ML performance improvement, stack optimization, and go-to-market strategies. The 10-week program will connect participants with industry-based business and technical mentors. Startups will each receive up to $1 million in AWS credits to help them build, train, test, and launch their generative AI solutions. They will also have access to industry experts, technology and technical sessions from NVIDIA, a program partner, and will be invited to join the NVIDIA Inception program , which is designed to support cutting-edge startups.
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Amazon Inc. also delights customers with fast and convenient delivery. With more than 2 billion global orders arriving the same or next day in Q1, Amazon delivered to Prime members at its highest-ever rate. In March, in the 60 largest U.S. regions, nearly 60% of orders arrived to Prime members the same or next day, and in London, Tokyo and Toronto, 3 out of 4 items were delivered the same or next day.
42 Wall Street brokerages have increased their price targets on shares of Amazon Inc (NASDAQ:AMZN). The average target price has been set at $221.20 per share for the short to medium term investment horizon.
