Shares of Amazon.com Inc (NASDAQ: AMZN) are trading around $270 this week, as they continue to consolidate just below the all-time high set earlier this month following a strong earnings report. All told, the stock is up more than 30% in less than two months, a run that has rewarded investors who held through a difficult start to the year.
Much of that momentum has been driven by growing conviction around Amazon's AI ambitions and the early signs that they are beginning to pay off. A recent announcement around its plans for its Alexa assistant may be the clearest signal yet of what that actually looks like in practice. It was recently reported that Amazon officially retired its generative-AI shopping assistant, better known as Rufus, and launched Alexa for Shopping. This is a unified AI assistant that essentially merges Rufus's product knowledge and Amazon shopping history with the broader capabilities of its Alexa platform.
