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CNBC’s Jim Cramer said Monday that Amazon ‘s AI-powered retail business is a vertical that “can’t be challenged,” heading into the long Thanksgiving shopping weekend. “I don’t see OpenAI challenging Amazon retail,” Cramer said on ” Squawk on the Street .” “They’re not going to stop these guys when it comes to retail.” While OpenAI’s ChatGPT is shaping how consumers search for gift ideas, Amazon’s built-in assistant Rufus gives the e-commerce giant an advantage. Rufus creates a conversational shopping experience that keeps customers within Amazon’s ecosystem. That’s a key differentiator as a growing number of consumers plan to use artificial intelligence tools to help with holiday purchases, according to Morgan Stanley’s latest holiday shopping survey published last week. Cramer’s bullish call coincides with a new JPMorgan research note that once again named Amazon its best internet idea. The analysts said Amazon is positioned to dominate Cyber Week shopping, maintaining a roughly 46% share of U.S. e-commerce while gaining more of that ground this season. They cite strong retail momentum, faster delivery, and Rufus’ early success, which the firm estimates could drive more than $10 billion in incremental annualized sales through improved personalization, advertising placements, and supply chain efficiency. Cramer agrees with the JPMorgan call. Drawing on a tennis metaphor, he said it’s “game, set, match for Amazon going into Thanksgiving.” Cyber Week is the big online shopping period following Black Friday, the unofficial start to the holiday shopping season, and the day after Thanksgiving. Amazon is a top holding in Cramer’s Charitable Trust, the portfolio used by the CNBC Investing Club . AMZN YTD mountain AMZN stock performance year to date. To be sure, Amazon stock has been an underperformer lately, giving up its gains after the company reported late on Oct. 30 a strong third-quarter , which featured a resurgence in Amazon Web Services (AWS) growth. The stock rallied more than 14% in the two sessions following the report to a record-high close of $254 on Nov. 3. The stock has given back a majority of those gains and was trading at $225 per share. JPMorgan, however, sees that pullback since third quarter earnings as attractive given the company’s “strong retail momentum,” and advantages in AI-driven shopping. The analysts reiterated their buy rating on the stock and $305 price target.
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