The Nasdaq Composite has seen a significant recovery, increasing over 27% since June 2023 after a challenging 2022 where it fell 33%. Investors are optimistic due to easing inflation and growth in sectors like artificial intelligence (AI).
Two major players driving this positive momentum are Costco Wholesale and Amazon. Costco’s stock has risen 61%, and its Q3 fiscal 2024 revenue hit $57 billion, a 9% increase year-over-year. Memberships grew by 8% to over 74 million, with an impressive 90% renewal rate. Amazon’s stock has also surged by 45%, as the company’s Q1 2024 revenue rose 13% year-over-year, reaching over $127 billion, and operating income skyrocketed 221% to more than $15 billion.
Costco currently operates 878 locations across 14 countries, while Amazon continues to lead in e-commerce and cloud computing with Amazon Web Services (AWS) contributing 62% of its operating income. Both companies are positioned for robust growth as they leverage market opportunities.
