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Amazon has been anticipating workforce reductions, as the company has more than 1,000 generative AI services and applications, either in development or already built.Since 2024, Amazon has invested billions of dollars in building data centers. Earlier reporting had suggested that Amazon was planning to cut 30,000 jobs. While the announced cuts are lower than that, the company may continue its job cut spree.Nvidia Looks 22% Undervalued Here Based on Projected FCF Margins - $230 Price TargetTechnical Support Levels, CPI and Other Key Things to Watch this WeekMichael Burry Is Betting Against Palantir Stock. At Least 1 Analyst Thinks It Can Gain 50% from Here.Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines.Is it time to sell Amazon stock?Tech giant extraordinaire Amazon has evolved from a small online bookstore in 1994 into a global powerhouse in e-commerce and technology. Known for its customer-centric approach and constant innovation, it now leads in retail, logistics, cloud computing, and digital entertainment. Amazon is based in Seattle, Washington. The company has a market capitalization of $2.6 trillion.AMZN stock has been supported by strong financial performance, favorable analyst sentiment, and a steady stream of innovation and expansion that has maintained its market leadership.Over the past 52 weeks, Amazon stock has gained 19%, while it is up 29% over the past six months. The stock recently reached a 52-week high of $258.60 on Nov. 3 but is down 4% from that level.www.barchart.comAMZN stock is trading at a premium valuation compared to its industry peers. Its price-to-earnings ratio of 34 times is higher than the industry average.Apart from news of the layoffs, there are some developments surrounding Amazon, which have been the case for this industry darling for a long time. In September, it was reported that the company had to pay $2.5 billion to settle with the Federal Trade Commission on allegations of duping customers into joining its Prime membership.Moreover, while there is a lot of positive talk about AI, Amazon founder Jeff Bezos made an out-of-the-ordinary statement, claiming that AI is currently in an “industrial bubble.” Bezos went on to say that investors are finding it tough to differentiate between good and bad ideas amid all the excitement. 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