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Sneha Nahata

Up 66% YTD, Is Amazon Stock Still a Buy?

Amazon Amazon.com Inc. AWS

The economy has so far turned out better than many feared in 2023, giving a significant lift to technology stocks, including Amazon (AMZN). In addition, the rapid advancement of Generative AI (Artificial Intelligence) and the deep cost-cutting measures taken by many tech giants has further helped to boost share prices.

Thanks to this favorable operating environment, Amazon stock is trending higher. Shares of this omnichannel retail and cloud services provider have climbed over 66% year-to-date, easily outperforming the S&P 500 Index ($SPX).

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