Amazon (NASDAQ:AMZN) is trading near all-time highs because of the company’s financial blowout year. It breached the $190 barrier after being unable to do so at its peak in 2021 and multiple times this year. With Amazon stock above this resistance, the momentum can keep the stock soaring.
However, many are skeptical about Amazon’s valuation. I maintain its rally is justified because of its improving business fundamentals. In addition, I believe that the potential growth from advertising and social commerce are major tailwinds that can increase growth for the company again.
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