Shareholders in Amazon (NASDAQ: AMZN) beat a rising market on Friday morning, with shares gaining 3% by 10:45 a.m. ET compared to a 1.4% boost in the S&P 500. The rally was powered by a brightening outlook around economic growth and consumer spending. A major factor driving Amazon's stock higher on Friday was the boost in the wider tech world.
Today's video focuses on Shopify (NYSE: SHOP) and the most recent short-term bearish news affecting its stock price, from Snap's (NYSE: SNAP) recent market commentary to Amazon's (NASDAQ: AMZN) latest distribution center reports.
The technology sector has been hit hard following a three-decade run that saw the tech-heavy Nasdaq 100 gain nearly 4,000%. It means previously untouchable tech stocks are now much more affordable, and by buying some of the top companies that still possess great growth prospects, their newly discounted prices under $20 a share makes them a bargain. The global artificial intelligence (AI) market is expected to nearly double by 2030, hitting $1.6 trillion for a compound growth rate of 36% annually, according to Precedence Research.