Amazon: AI business is growing at triple digit percentages

Amazon is reporting that is AI business is growing at triple-digit percentages. This is according to the Business Insider.

The shares of Amazon moved to a new all-time high on Thursday of last week at $212.25. Since then the price has rotated lower (working on its third day to the downside) with the shares currently trading above or below unchanged at $206.84.

Last week on Wednesday, shares soared after breaking above the previous all-time high from July at $201.20. Technically, it would take a move below that level to give the buyers some cause for pause.

Helping the upside technically is that back on October 23, October 24 and October 31, the price held support against 100-day moving average. Holding support against that moving average was a positive from a technical perspective.

Fundamentally on October 31 after the close, Amazon announced higher earnings at $1.43 versus $1.14 with revenues also beating expectations at $158.87B versus $157.27B estimate.

So fundamentals and technicals are support shared with the AI news potentially adding to the bullish fundamental bias.

This article was written by Greg Michalowski at www.forexlive.com.