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ChatGPT predicts Amazon stock price for start of 2024

ChatGPT predicts Amazon stock price for start of 2024

The shares of the online retailer Amazon (NASDAQ: AMZN) have been increasing in price significantly throughout 2023 and have, by November, risen to highs not seen since the summer of 2022. The strong performance on the stock market has largely been driven by solid financial results and impressive quarterly earnings reports.

Despite the gains and a string of growth that reversed the decline seen in late 2022, many investors wonder if the trend will continue into the new year. In its search for answers, Finbold decided to consult the artificial intelligence (AI) of OpenAI’s ChatGPT.

ChatGPT offers Amazon price range for January

When asked about the likely price range for Amazon shares in January 2024, ChatGPT shared an overall bullish sentiment. According to the AI, the company might stand anywhere between $146 and $183 on New Year’s day. 

ChatGPT estimates Amazon’s price range for January 2024. Source: Finbold and ChatGPT

The language model explained that the estimate is based on Amazon’s historical growth, as well as its overall market position and potential future growth. It also cautioned against being overly optimistic due to the ever-present danger of market volatility.

Finbold also asked ChatGPT whether a deal between Amazon and Snapchat (NYSE: SNAP) would have an impact on its estimate. According to an agreement, Snapchat users will be able to purchase Amazon products directly from ads seen on the social media platform.

ChatGPT assesses the impact of the Snapchat deal on Amazon stock price. Source: Finbold and ChatGPT.

ChatGPT acknowledged that Snapchat, with its 293 million daily active users, can offer a significant boost to Amazon but maintained that its highest estimate for the share price at the onset of 2024 is $183. Similarly, the AI acknowledged that a particularly strong holiday season could lead to better performance for AMZN without altering its forecast.

Amazon stock price analysis

However bullish or bearish the next two months might prove for Amazon, its shares have been performing rather well at the market’s open on Tuesday and stand at $146.09 at the time of publication – meaning they have risen 2.45% in the previous 24 hours.

AMZN 1-day stock price chart. Source: Finbold

Looking at Amazon’s longer-term performance, it recorded a fairly strong month, having risen by 7.57%. Looking at the entirety of 2023 so far, Amazon logged a very positive year and is up 66.15% since January 1.

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