Though Amazon (NASDAQ: AMZN) has declined significantly from its yearly highs above $200 – particularly due to a broad stock market bloodbath at the start of August – it has, in more recent trading, begun a strong recovery.
Indeed, after first falling from approximately $200 at the start of July to about $187 at the start of August, and then to $161 within the subsequent days, AMZN has since recovered to $177.36 and is 5.78% in the green in the last week and remains 18.72% up year-to-date (YTD).
Still, the significant volatility of recent months and the drop from the yearly – and all-time – highs has sparked concerns and created uncertainty about what will happen with Amazon stock by the end of 2024, and Finbold consulted the leading artificial intelligence (AI) platform in an effort to find clarity for investors.
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AI sets AMZN stock price for the end of 2024
OpenAI’s most advanced public AI model – ChatGPT-4o – proved focused on Amazon’s overall strong performance, particularly on the growth of AWS, and offered a highly bullish $230 price target for AMZN for the end of 2024.
The large language model’s (LLM) more lightweight cousin – ChatGPT-4o mini – was, however, significantly more conservative. The AI estimates that as much growth potential Amazon still has, risks of regulatory headwinds, a broader stock market slump, and rising competition are great enough that predicting a decline might be more realistic.
Following from this reasoning, ChatGPT-4o mini estimated Amazon shares will fall to between $150 and $165 by the end of 2024.
Alphabet’s (NASDAQ: GOOGL) Gemini – once known as Google Bard – on the other hand, appeared more akin in its bullishness to the full ChatGPT-4o. The AI explained that between AWS’ dominance, market recovery, and momentum, and Amazon’s focus on efficiency. AMZN shares are likely to climb to a new all-time high (ATH) of $225 by the end of the year.
Finally, Microsoft’s (NASDAQ: MSFT) Copilot proved bullish, but not as much as ChatGPT-4o or Gemini. Indeed, the AI, after assessing factors such as the current market conditions and levels of consumer spending, estimated AMZN stock is not likely to regain its previous ATH but climb to $195 by late 2024.
Despite the optimism expressed by several AI models, none of them have proven more bullish than some market experts, as the current Street high price target for Amazon shares stands at $251 and was assigned by Maxim Group at the beginning of August.
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