From Nasdaq:

Amazon (NASDAQ: AMZN) stock lost 2.6% on Thursday following reports that TikTok plans to enter the e-commerce market, leading to concerns about potential competition. Although TikTok’s entry into e-commerce remains speculative, Amazon remains a strong buy for 2024, thanks to its dominance in the cloud infrastructure market and advances in AI technology.

TikTok, owned by ByteDance, might enter the e-commerce market but challenges, such as building a warehousing and distribution network, could limit its expansion. Amazon looks like a smart buy for 2024, bolstered by its dominance in the cloud infrastructure and potential AI technology breakthroughs that could improve e-commerce margins.

Amazon is well-positioned to fend off competitors and capitalize on new growth opportunities through AI and cloud services, making it an attractive long-term investment. Motley Fool has named Amazon as one of the ten best stocks to buy, further reinforcing its potential as a lucrative stock to invest in right now.

Former Whole Foods CEO and Motley Fool board member, John Mackey, has no position in the highlighted stocks. The Motley Fool holds positions in and recommends Amazon and operates with a disclosure policy reflecting its views and opinions.



Read more: Amazon Stock Fell Today — Is It a Buy for 2024?