Amazon is leaning deeper into artificial intelligence and robotics to reshape its operations and retail strategy, and analysts are raising their targets and outlook ahead of the company’s Q3 earnings on Oct.

Although Nvidia remains popular with many billionaire investors, it's not their favorite AI stock. The only AI common denominator for billionaires Ken Griffin, Izzy Englander, Chase Coleman, David Tepper, Bill Ackman, and Warren Buffett is Amazon. Amazon has tremendous AI-related growth prospects.

The company is looking to cut costs starting this week as it continues to spend aggressively on artificial intelligence. Another round of cuts is expected in January.

“We do know that Amazon’s headcount is the largest in the Puget Sound area. So either way, this could have a big impact on kind of the local economy here, as we could see lots and lots and lots of employees lose their jobs almost overnight,” said Pasion.

Tech and retail giant Amazon is planning to shed tens of thousands of corporate jobs in the US, more than 12 months on from its boss promising to cut “bureaucracy”.

Amazon is planning to lay off as many as 30,000 corporate employees, beginning tomorrow, Reuters reported citing sources. The cuts would total nearly 10% of the company’s corporate jobs. The tech giant has been cutting costs since growth slowed after the pandemic.

Amazon on Wednesday said it is speeding up the automation of its warehouses with the help of artificial intelligence and robotics, raising questions about the future of human workers.

Amazon is taking steps to address how artificial intelligence and automation is changing its workforce. Employees are training to manage and repair the machines now able to do much of the work people used to do.