Amazon soars as AI, retail strength power revenue growth

The company joined fellow Big Tech firms including Microsoft in starting to see overall results benefiting from their heavy AI investments, while also outlining more spending in 2024 to develop the much-hyped tech. "Most encouraging to us is that in spite of strong numbers … several of the most important, incremental drivers have really only just begun (for Amazon)," RBC Capital Markets analyst Brad Erickson said. At least eight brokerages raised their price target on the stock as the retail giant posted a 14% rise in sales in the holiday quarter, pointing to strong online spending despite a strained economy.