Amazon Stock: New Shopping Portal Spurs Record High

Amazon's stock reached a new all-time high of $215.09, marking a 2.48% increase and leading gains in the Dow Jones. This surge is partly attributed to the company's plans to launch a new shopping portal called Haul in the United States, aimed at competing directly with platforms like Temu and Shein. The announcement has captured investor attention and contributes to the stock's impressive year-to-date growth of over 40%.

Cloud Business Challenges and Market Outlook

Despite Amazon's strong performance, the company faces growing competition in the cloud sector. European providers and retail conglomerates are increasingly entering this market, emphasizing data protection and local storage. However, analysts remain optimistic, setting an average price target of $227.14 for Amazon shares. Experts project earnings of $5.12 per share for the fiscal year 2024, underscoring positive expectations for the company's business development. Amazon's leading position in artificial intelligence, particularly through its AWS division, continues to be a key factor in its market strength.