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Amazon Skyrocketed to New Record
Information is not investment advice
Amazon is a US tech giant company, involved in e-commerce, cloud computing, digital streaming, and artificial intelligence. Amazon founder Jeff Bezos stepped down as CEO on July 5. Andy Jassy, who ran Amazon's cloud-computing business and worked in a company for 24 years (!), replaced Bezos.
However, it wasn’t the reason for the stock’s jump. What pushed the price up then? Pentagon! Yeah, it decided to divide the $10 billion contract of a cloud-computing deal between Microsoft and Amazon. The full contract should have gone to Microsoft only, but Amazon argued that it would be unfair and Pentagon agreed.
Moreover, Amazon made a multi-year deal with Comcast's Hollywood heavyweight Universal. Amazon will add Universal Pictures’ films to the Prime Video streaming service. It will make Amazon closer to Netflix in terms of gotta-see-it content and prominence. Overall, there has been just good news for Amazon so far.
It’s better to look at the weekly chart to see the whole picture. Since mid-summer of 2020, Amazon was moving back and forth in a horizontal corridor between $2900 and $3500. This week, it has escaped that corridor breaking above the resistance of $3500! Will it reach $4000 soon?
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