In the wake of a tumultuous 2022 marked by challenging global economic conditions, Amazon‘s (NASDAQ: AMZN) stock has staged a remarkable rally, reaffirming its status as one of the world’s largest companies by market capitalization.
Since September 20, 2010, the company’s share price has surged by an astonishing 1,770%, from $7.57 to $139.98 on September 19, 2023.
Having said that, it means that a $1,000 investment in AMZN shares in September 2010 – when the stock was trading around $7.5 – would be worth approximately $18,597.34 today.
Amazon stock price analysis
At press time on September 19, shares of Amazon were sitting at $139.98 apiece, down 0.3% in the past 24 hours.
The tech stock gained over 0.9% over the past week and more than 6.3% on the month, adding almost $10 billion in market cap during this period.
Year-to-date, AMZN rose over 63%, capitalizing on the ongoing artificial intelligence (AI) boom driven by the emerging generative AI solutions capable of creating humanlike text and media content, such as OpenAI’s ChatGPT.
Amazon forays into carbon removal technology
While Amazon continues to take advantage of the strong demand for its AI and cloud offerings, the tech giant made forays into another emerging technology.
After the US government made hefty investments into the technology that sucks carbon out of the air, big businesses, including Microsoft and now Amazon, followed suit.
Notably, the company announced last week it would help fund the largest deployment of direct air capture technology by buying 0.25 million metric tons of carbon removal over the following 10 years, from STRATOS, a $1 billion project aimed at removing carbon from the atmosphere.
The dollar value of Amazon’s investment remains undisclosed.
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