Jim Cramer Nailed Amazon.com, Inc. (AMZN)’s Stock Back In August 2024

We recently published Jim Cramer’s 20 Bold AI Predictions – See How They Played Out! Amazon.com, Inc. (NASDAQ:AMZN) is one of the stocks Jim Cramer recently discussed.

Amazon.com, Inc. (NASDAQ:AMZN) is a key player in the AI industry due to its sizable cloud computing market share, in-house AI computing chips, Alexa product lineup, and association with foundational AI model developer Anthropic. Since Cramer’s August 2024 remarks, the shares have gained a modest 29.5%. Most of Amazon.com, Inc. (NASDAQ:AMZN)’s woes started in February 2025 after the firm’s cloud computing results for its December quarter disappointed investors and led to a $100 billion market value wipe out. The shares dipped by 8% in August after cloud continued to disappoint. Cramer, in his recent remarks, has attributed Amazon.com, Inc. (NASDAQ:AMZN)’s cloud struggles to its aversion to buying NVIDIA chips. Here’s what he said about the firm in August 2024:

“We recently bought more Amazon shares because I believe the market was too harsh on their last quarter. Amazon is a buy, and I think it will continue to perform well.”

While we acknowledge the risk and potential of AMZN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AMZN and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.