Two Tech Giants Approaching 190% Gains Since Early 2023: AI's Role in Their Sustained Rally

When Jim Cramer, the seasoned former hedge fund manager who averaged 24% annual returns over 14 years, recently highlighted Amazon and Uber Technologies as continued buying opportunities despite their extraordinary gains since early 2023, it wasn’t a casual recommendation. Amazon has climbed nearly 190% over this period, while Uber has surged an impressive 230%. Yet according to Cramer’s analysis, both companies remain positioned to deliver meaningful returns for patient investors willing to hold beyond the near term.

The common thread connecting these seemingly disparate businesses isn’t immediately obvious, but examining their fundamental strategies reveals a compelling story: both are leveraging artificial intelligence and emerging technologies to reshape their competitive moats and unlock new revenue streams. Understanding why these companies have delivered gains approaching 190% in aggregate market performance requires looking beyond the headlines to their operational advantages and long-term positioning.

Amazon: From Cloud Provider to AI Infrastructure Leader

Amazon occupies three significant pillars in the global economy. The company operates North America’s leading e-commerce marketplace while also maintaining substantial presence in Western Europe and the Middle East. It ranks third globally among advertising technology platforms. Yet perhaps most critically, Amazon Web Services (AWS) operates as the world’s largest cloud infrastructure provider by spending on both platform and infrastructure services.

This cloud computing dominance becomes increasingly strategic as artificial intelligence reshapes technology spending priorities. AWS CEO Andy Jassy recently explained to analysts that the company’s competitive advantage stems from a fundamental reality: “AWS is where the preponderance of companies’ data and workloads reside, and part of why most companies want to run AI on AWS.” The company has responded to this opportunity by developing proprietary AI accelerators designed specifically for both training and inference workloads, offering customers meaningful alternatives to Nvidia’s dominant GPU offerings.

Beyond infrastructure, AWS has positioned itself as the preferred partner for cutting-edge AI companies. The platform now serves as the primary cloud home for Anthropic, the AI startup valued at $350 billion. New service offerings like Bedrock have democratized generative AI application development, enabling thousands of developers to build AI-powered solutions without requiring deep machine learning expertise.

The transformation extends beyond cloud infrastructure into Amazon’s core retail operations. The company has deployed more than 1,000 generative AI applications designed to optimize inventory management, demand forecasting, last-mile delivery efficiency, and customer support functions. Warehouse automation has taken another leap forward with AI-driven robotics that navigate fulfillment centers with enhanced speed while enabling natural language interaction between human associates and robotic systems.

Wall Street’s consensus projects Amazon’s earnings will expand at an 18% annual clip over the next three years. Given the company’s track record of beating consensus estimates by an average of 25% over the past eight quarters, the current 35 times earnings valuation appears reasonable for investors betting on continued AI-driven efficiency gains and cloud adoption acceleration.

Uber: From Ride-Sharing to Robotaxi Ecosystem Orchestrator

While not traditionally classified as an artificial intelligence company, Uber has constructed a technology platform that increasingly relies on machine learning as a core competitive advantage. The platform operates both the world’s dominant ride-sharing network and one of the largest food delivery services. This dual-sided marketplace architecture creates a unique customer acquisition efficiency—cross-promotion of mobility services to delivery users and delivery services to mobility users generates network effects that traditional competitors struggle to replicate.

Machine learning powers critical functions within this ecosystem: driver routing and matching algorithms optimize for efficiency and customer experience, personalized advertising reaches users with targeted precision, and customer support systems handle inquiries at scale. Yet perhaps the most significant advantage lies in Uber’s unique positioning as the infrastructure layer for autonomous vehicle commercialization at scale.

Twenty separate autonomous vehicle developers currently operate through Uber’s platform, transforming the company into an essential distribution channel for robotaxi services. Alphabet’s Waymo offers robotaxi rides through Uber across Phoenix, Austin, and Atlanta. Avride brings autonomous ride-sharing to Dallas residents. WeRide operates throughout the United Arab Emirates and Saudi Arabia. Stellantis, the global automotive manufacturer, leverages Nvidia’s Hyperion platform—which Uber has integrated—to develop autonomous vehicle technology. The expansion roadmap targets approximately 15 additional cities across the next five years.

Uber’s stated objective to deploy 100,000 robotaxis within the coming years sits at the intersection of two explosive market growth trajectories. Straits Research projects the broader ride-sharing market will expand at 21% annually through 2033. More dramatically, Grand View Research estimates the autonomous vehicle taxi market will grow at 99% annually through the same period—nearly doubling every year. Morgan Stanley analysts project Uber will capture approximately 22% of U.S. robotaxi trips by 2032, positioning the company in third place behind Waymo and Tesla.

Wall Street consensus expects Uber’s earnings to increase 26% annually over the next three years. At a mere 10 times forward earnings multiple, the valuation appears compressed, especially considering the company has beat consensus earnings estimates in six of the past eight quarters. Investors with a minimum three-year investment horizon should view current prices as attractive entry points for meaningful exposure to both ride-sharing consolidation and the emerging autonomous vehicle economy.

Why the Nearly 190% Trajectory Suggests Continued Opportunity

The remarkable gains these companies have delivered since early 2023—approaching 190% in aggregate returns when weighted across the period—reflect market recognition of a fundamental shift in technology spending and competitive dynamics. Yet research suggests both companies remain underpenetrated by growth-oriented capital.

Historical precedent from previous technology transitions demonstrates that first-mover advantages in infrastructure (as Amazon demonstrates with AWS and AI) and platform dominance (as Uber demonstrates with ride-sharing and robotaxi coordination) tend to persist rather than erode. When Netflix made the Motley Fool’s recommended list in December 2004, a $1,000 investment would have grown to $461,527 by January 2026. Nvidia’s April 2005 recommendation similarly turned $1,000 into $1,155,666 over the same period. The Stock Advisor platform’s overall average return of 950% stands in stark contrast to the S&P 500’s 197% return, suggesting that identifying structural winners during inflection points generates outsized returns.

The convergence of cloud computing acceleration, artificial intelligence infrastructure demand, and autonomous vehicle commercialization creates a rare moment where mature companies can still deliver growth profiles traditionally associated with earlier-stage ventures. Both Amazon and Uber appear positioned to benefit from these secular trends for the foreseeable future.


Disclosure: This analysis is for informational purposes only and should not be construed as investment advice. The views expressed do not necessarily represent those of any specific organization. Always conduct independent research and consult with a qualified financial advisor before making investment decisions. Past performance does not guarantee future results.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
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