Tech leader Amazon (AMZN) continues to bet on artificial intelligence (AI) with Amazon Web Services CEO Matt Garman preparing major updates on that front. Garman is hosting Amazon Web Services’ re:Invent conference, which lasts throughout this week.
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Garman intends to reveal what he calls “real, needle-moving changes,” concerning Amazon Web Services’ AI and computing efforts. That makes sense as Garman says that AI continues to be a focus for the business as a “foundational technology,” that’s “going to happen forever.”
What This Means for AMZN Stock
Amazon Web Services is directly linked to the AI sector thanks to its data centers and cloud computing services. If all goes well, the market could generate tens of billions of dollars for Amazon, based on estimates by former Amazon Web Services CEO Andy Jassy.
Even so, investors will note that Amazon stresses it’s only in the early days of AI. Likewise, Garman is in his early days leading Amazon Web Services, taking over the CEO position in June. This makes this his first re:Invent conference as unit leader.
Considering that, as well as Jassy’s comments, it makes sense that Garman will want to leave a good impression on investors as Amazon Web Services’ new CEO. Traders will want to keep an eye on Garman during his keynote event, which is set for Tuesday from 8:30 a.m. to 10:30 a.m., to learn more about these big AI changes.
Is AMZN Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Amazon is Strong Buy based on 45 Buy and a single Hold rating over the last three months. That comes with an average price target of $239, a high of $285, and a low of $197. That represents a potential upside of 14.96% for AMZN shares.
