The search giant has been plowing excess cash into share buybacks for years.
Amazon had more than $86 billion in cash at the end of 2023.
The semiconductor industry is notoriously cyclical, with regular boom and bust cycles.
Money-losing tech companies that surged in 2020 fall this year.
Nasdaq 100 is beating Apple by most to start a year since 2013.
One big question is how much the AI craze will contribute to earnings.
The Google owner offers the strong cash flow and growth characteristics sought by investors.
It's still by far the most expensive Big Tech stock at 34 times profits expected over the next 12 months.
Alphabet's shares tumbled after concerns surfaced about the competency of Bard, the company's ChatGPT rival.
The equal-weighted S&P 500 index is beating the S&P 500 by the widest margin since 2019 and is up 17% since hitting a low on Sept. 30.
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