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Amazon shares fall 7% from August record as Morgan Stanley lifts price target to $350

Amazon stock hit an all-time high of $284 on Aug. 3 after a strong earnings report highlighted by CEO Andy Jassy's comments on the long usable life of AWS data center servers and the resulting free cash flow. Since then the shares have fallen more than 7%, even as Morgan Stanley added Amazon to its top picks list and raised its price target from $335 to $350, implying 33% upside from Monday's close.

Amazon bundles Alexa+ AI assistant free with Prime subscriptions

Amazon has made Alexa+, its generative AI-powered upgrade to Alexa, free for all Prime members. The assistant, built using Anthropic's large language models and Amazon's Nova AI suite, is accessible through Alexa-enabled devices, Amazon's new tablets, a mobile app, and the alexa.com website. Non-Prime users can subscribe separately to Alexa+ or try a limited free version via the app or website.

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