Amazon: 'Black Friday' and 're:Invent' support the stock

(CercleFinance.com) - Amazon shares continued their positive momentum on Wednesday on the New York Stock Exchange, as investors welcomed announcements made on the occasion of 'Black Friday' and 're:Invent', the annual conference of its cloud subsidiary AWS.


At around 4:15 pm, the stock was up 0.1%, bringing its year-to-date gains to over 75%.

Amazon announced yesterday that this year's 'Black Friday' promotional campaign had been the biggest in its history, with over a billion items ordered worldwide on its platform.

According to Bank of America analysts, "Amazon will extend its promotional offers through to Christmas, which shows that consumers are responding positively to discounts".

The research firm, which has a Buy rating on the stock, is concerned, however, that this recourse to promotional actions could penalize the Internet giant's profit margins in Q4.

In another positive development, the Seattle-based company announced a plethora of new contracts at its 're:Invent' conference, held this week in Las Vegas.

New cloud customers include leading international groups such as Accor, Amgen, Cathay, LG and Merck.

Amazon also took the opportunity to unveil a number of technological innovations, including 'Q', a new virtual assistant powered by artificial intelligence that has already attracted the attention of Accenture, BMW and Gilead.

Along with Alphabet, Apple, Meta, Microsoft, Nvidia and Tesla, Amazon is one of the "magnificent seven", the artificial intelligence stocks that have helped the S&P 500 climb by nearly 20% this year, even though they represent only 27% of the index.

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