Despite a slowdown in recent weeks, the price of Amazon (NASDAQ: AMZN) stock has recorded consistent increases since the year’s turn, and a popular artificial intelligence (AI) model has provided insights that reveal when AMZN shares could hit $200.
Indeed, Amazon stock has been under a lot of pressure lately, heightened by the reports that the company still does not have enough data or access to chips necessary to run the large language model for its new AI-powered Alexa, demoed in September last year.
Amazon stock price prediction
In this context, Finbold has consulted the newest and most advanced AI model of the OpenAI project ChatGPT, called ChatGPT-4o, for insights on when AMZN shares would reach the price target at $200, to which the AI chatbot offered a comprehensive review from various perspectives.
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Specifically, the AI model has observed that “Amazon’s stock price has shown strong resilience and considerable growth” and that “reaching $200 is within the stock’s historical trading range.” On top of that, ChatGPT-4o has pointed out that, in terms of technical analysis (TA) indicators:
“A short-term bullish pattern on the weekly chart suggests a significant upward trend for Amazon’s stock price, offering a positive outlook for its potential to reach new highs in 2024. Breaking major resistance levels is also projected, signaling strong buying momentum. Given these technical indicators, it is plausible that Amazon’s stock could breach the $200 mark soon if the bullish pattern continues.”
Finally, the generative AI platform concluded that “it is likely that Amazon’s stock could reach $200 within the next several months if the current upward momentum and positive conditions persist,” citing historical price trends, technical indicators, expert opinions, strategic company developments, and favorable market sentiment.
Amazon stock price analysis
For the time being, the price of AMZN stock currently stands at $183.15, which represents a modest gain of 0.26% on the day, a 1.15% decline across the past week and adding up to the accumulated loss of 1.56% in the last month while advancing 22.16% since the year’s turn, as per data on June 14.
Interestingly, Wall Street analysts offering their Amazon stock price targets for the next 12 months have achieved a consensus around the average price of $221.20, and their lowest target currently sits at $200, reflecting their view it could happen within the next 12 months.
Ultimately, Amazon might reach the price of $200 in the time frame suggested by the AI model or Wall Street experts, but things in the stock market can sometimes take everyone by surprise, so doing one’s own research and being aware of all the risks is critical when investing.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
