The latest Prime Day sales extravaganza at the e-commerce giant runs from June 23-26. And sales from the discounted shopping event are forecast to reach a record $26.03 billion, according to eMarketer. Amazon could use the boost as it enters the four-day sales event with its stock down 12% over the past month.
AMZN stock is nearly flat on the year after the share price pulled back sharply in recent weeks, including a 4% decline on June 22. Analysts say the stock is retreating as investors fret about the company’s plan to spend $200 billion in capital expenditures this year, mostly on artificial intelligence (AI) infrastructure.
AI Shopping Agents
While investors worry about the amount of money being spent on AI, Amazon is planning to showcase the technology as part of its June Prime Day. The technology giant has said that it plans to test a new “Alexa for Shopping” AI assistant during the latest Prime Day.
Amazon says it is confident its new AI shopping agent will help boost online spending. Alexa for Shopping can not only help consumers browse for items on Amazon’s website, but also take specific actions, such as putting items into a person’s cart or tracking price changes.
