In the US stock market, demand for AI products has only grown in recent years. In fact, its increased excellence has benefited companies that are fully set up to diversify along with emerging trends. One such company is Amazon (AMZN). Because they are looking to create a new AI division with an eye on inventory that continues to jump 16%.
So far, this year has not been kind to tech stocks. On Thursday, we saw the megacap company’s shots plummet in value. However, things are expected to turn a turnaround in the short term. Once that’s done, the e-commerce giant is ready to make the most of it.
Amazon introduces new AI division when stocks fall below $200
On Thursday, Amazon and many other stocks reduced the stock’s significant value. In fact, the company’s shares fell by more than 4% due to a flood of uncertainty and geopolitical tension. However, it has not stopped continuing investment in domestic AI technology.
The host of the world’s largest technology company announced a $1 trillion investment in the US this year. And one of them went a step further. In fact, Amazon (AMZN) has announced the creation of a new AI division. This aims to continue the 16% increase over the past six months.
According to a new report, Amazon is looking to create a department that focuses on AI use cases that will enhance automation for both users and businesses. Additionally, the new denomination will be led by Amazon Web Services (AWS) executive Swami Sivasubramanian.
The automotive AI industry was called “a multi-billion dollar business” by Amazon. Plus, once the market settles, it helps them rebound. The stock currently has a median target of $270 from CNN, up 35% from its current position. Plus, there’s a $306 high-end projection representing 53% upside.
