Jim Cramer on Amazon: "An Underrated AI Story"

Amazon.com, Inc. (NASDAQ:AMZN) is one of the stocks Jim Cramer recently expressed his thoughts on. Cramer made positive comments on the company during the episode, as he said:

“Amazon’s tougher. I think their cloud infrastructure business is one way, Alexa’s another, and Prime’s a third of what’s becoming, I think, an underrated AI story.”

Amazon.com, Inc. (NASDAQ:AMZN) runs a global marketplace for products, subscriptions, and digital content while also manufacturing devices such as Kindle, Fire, Echo, and Ring. The company also operates AWS cloud services, advertising, Prime memberships, and platforms for sellers and creators. During the September 8 episode, Cramer mentioned the company and said:

“Now, we had another one, Amazon. A few weeks ago, this stock was plummeting. Why? Because we heard that Amazon Web Services was falling behind Microsoft’s Azure, something that actually we picked up loud and clear on the show from Snowflake’s explosive conference call. It didn’t help when a Morgan Stanley analyst asked Amazon CEO Andy Jassy if he was worried about falling behind, and Andy didn’t say, ‘We are spending and getting a great return on our spending, whether it’s on our Trainium chips or NVIDIA chips.’ He didn’t say that. The Street was quick to hammer the stock because he didn’t say that.

Here we are, a couple weeks later, and Amazon stock’s at 235 and change. It’s knocking on the door of 242, its all-time high. What changed? Nothing, nothing at all. The market simply moved on from the bear narrative because there’s so much good that’s happening at Amazon, so much good. Who knows how much more revenue Amazon can bring in from Prime starting October 1 now that… you can’t share your password with relatives. Did you know that? I think it could be like Netflix, where you had this huge surge of subscribers. Be long, Amazon. What really was wrong with Amazon? Again, I can’t remember.”

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