Amazon.com, Inc. (NASDAQ:AMZN) shares are trading lower by roughly 1.65% to $133.28 Thursday morning session amid broader tech sector weakness.
Shares of several tech stocks, including Amazon, initially traded higher in sympathy with NVIDIA during Wednesday’s after-hours session, which reported strong second-quarter financial results and third-quarter guidance.
Amazon Web Services (AWS) is a leader in cloud computing services. NVIDIA’s strong performance in the AI sector can indicate a growing demand for AI-related technologies and solutions.
Since AWS offers various AI services, positive results from NVIDIA might signal increased utilization of cloud-based AI services, potentially benefiting Amazon’s cloud business and, consequently, its stock price.
Amazon also utilizes AI for various purposes, including its recommendation systems, logistics optimization and voice-based technologies like Alexa. NVIDIA’s success in the AI space could signify advancements and increased investments in AI technologies, boosting confidence in Amazon’s AI integration and potential for improved customer experiences.
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What’s Going On With Nvidia?
NVIDIA did not disappoint investors Wednesday with second-quarter earnings that are well ahead of expectations thanks to the strong momentum imparted by its positioning in hot-and-happening artificial intelligence technology.
Reflecting the strength, Data Center revenue rose to a record and accounted for roughly two-thirds of the total. The company issued third-quarter revenue guidance of $16 billion, more than $3 billion above what the Street was expecting…Read More
According to data from Benzinga Pro, AMZN has a 52-week high of $143.63 and a 52-week low of $81.43.
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