Tech Giants Posting 230% and 190% Gains: AI-Driven Amazon and Uber Still Offer Upside Potential

Since early 2023, two of the market’s most dynamic stocks have delivered eye-catching performance. Uber Technologies (NYSE: UBER) has surged 230%, while Amazon (NASDAQ: AMZN) has climbed 190%. Yet according to Jim Cramer, the former hedge fund manager who averaged 24% annual returns over 14 years, both remain compelling investment opportunities despite their substantial gains. The case for each stock rests on distinct competitive advantages in the artificial intelligence revolution reshaping corporate America.

Uber’s 230% Rally: Robotaxi Leadership Sets Stage for Explosive Growth

Uber’s 230% appreciation since January 2023 reflects more than just ride-sharing momentum. The company operates not only the world’s dominant ride-sharing platform but also one of the largest food delivery networks. This dual-platform approach creates a powerful customer acquisition engine—Uber cross-promotes delivery services to mobility users and vice versa, driving efficiency gains that competitors struggle to match.

Beyond its core operations, Uber has built an irreplaceable advantage in autonomous vehicles. The company operates partnerships with approximately 20 AV companies, positioning itself as the go-to platform for robotaxi commercialization. CEO Dara Khosrowshahi articulates this positioning clearly: “Uber can deliver the lowest operational costs for our AV partners because we are leaps and bounds ahead on every aspect of the go-to-market capabilities that are critical for commercialization.”

The company’s robotaxi partnerships are expanding rapidly across multiple geographies:

• Alphabet’s Waymo operates robotaxi services through Uber in Phoenix, Austin, and Atlanta
• Avride offers robotaxi rides in Dallas
• WeRide operates services in Abu Dhabi, Dubai, and Riyadh
• Nvidia provides the hardware and software platforms that Uber partners like Stellantis use to build autonomous vehicles

Uber targets deployment of 100,000 robotaxis within the next few years. Research forecasts support the enormous market opportunity ahead—ride-sharing is projected to expand at 21% annually through 2033, while the robotaxi market specifically is expected to grow at 99% annually over the same period. Morgan Stanley analysts estimate Uber will capture approximately 22% of U.S. robotaxi trips by 2032, positioning it third behind Waymo and Tesla.

Machine learning already powers critical operational functions: driver matching, routing optimization, customer support automation, and personalized advertising. Wall Street expects Uber’s earnings to expand at 26% annually over the next three years. At just 10 times forward earnings, the valuation appears attractive, particularly given Uber beat consensus estimates in six of the past eight quarters.

Amazon’s Cloud-AI Advantage: Why AWS Positions It for Sustained Performance

While Uber’s 230% gain captures headlines, Amazon’s 190% advance reflects its entrenched position across three cornerstone industries. The company operates North America’s, Western Europe’s, and the Middle East’s largest e-commerce marketplaces. It ranks as the world’s third-largest ad tech platform. Most importantly, Amazon Web Services (AWS) stands as the preeminent cloud infrastructure provider globally.

AWS’s competitive moat widens as artificial intelligence infrastructure demand accelerates. Andy Jassy, Amazon’s CEO, recently emphasized to analysts: “AWS is where the preponderance of companies’ data and workloads reside, and part of why most companies want to run AI on AWS.” AWS has developed custom AI accelerators designed specifically for training and inference workloads, offering customers an alternative to Nvidia GPUs while deepening their lock-in to AWS infrastructure.

The strategic importance of Amazon’s AI positioning extends to key partnerships. AWS functions as the primary cloud provider for Anthropic, the AI startup valued at $350 billion. Amazon has also rolled out new cloud services including Bedrock, purpose-built for generative AI application development, expanding the ecosystem of tools available to enterprise customers migrating workloads to AWS.

Beyond cloud infrastructure, Amazon deploys AI throughout its retail operations. The company has designed over 1,000 generative AI applications targeting inventory placement optimization, demand forecasting accuracy, last-mile delivery efficiency, and customer service automation. Amazon has also developed AI models enabling robots to navigate warehouses with enhanced speed, with additional models under development to facilitate natural language communication between humans and robots.

Wall Street forecasts Amazon’s earnings will grow at 18% annually over the next three years. The stock’s current valuation of 35 times earnings appears reasonable given this growth trajectory, particularly since Amazon has beaten consensus earnings estimates by an average of 25% over the past eight quarters. The company’s execution track record and expanding AI application portfolio support continued investment at current levels.

Valuation Sweet Spot: Both Stocks Offer Compelling Entry Points

The contrast in valuation multiples between the two names is striking. Uber trades at 10 times forward earnings while posting faster earnings growth (26% annually) than Amazon (18% annually). Meanwhile, Amazon trades at 35 times earnings but benefits from the pricing power and margin expansion characteristics of mature market leaders.

Both multiples appear defensible given the earnings growth rates and the companies’ competitive positioning. Uber’s lower valuation compensates for execution risk in robotaxi scaling, while Amazon’s higher multiple reflects its dominant market position and consistent ability to exceed expectations. For investors seeking exposure to artificial intelligence’s transformative potential, these dual approaches offer optionality.

The Road to Robotaxi: Strategic Partnerships Accelerating Autonomous Future

The emergence of functional autonomous vehicle networks highlights the critical importance of platform control. Uber has positioned itself as the essential intermediary between AV manufacturers seeking scale and consumers demanding mobility services. This position resembles the role that smartphone manufacturers play in the app ecosystem—Uber becomes the primary customer acquisition and monetization channel for robotaxi businesses.

The geographic expansion across multiple AV partners reduces concentration risk and broadens the revenue opportunity. Each partnership represents incremental revenue without corresponding incremental risk. The projected addition of 15 more cities over the next five years suggests the opportunity set remains in its nascent stages.

Wall Street’s Case for Patient Investors

Jim Cramer’s recommendation resonates with the underlying fundamentals. Investors with multi-year time horizons can comfortably establish positions in both names. Uber’s 230% run since early 2023 reflects accurate market appreciation of its robotaxi moat, yet the growth runway extending through 2033 remains substantial. Amazon’s 190% advance acknowledges AWS’s importance without fully pricing in the AI infrastructure opportunity ahead.

Wall Street’s consensus earnings growth expectations—26% annually for Uber and 18% for Amazon—suggest both stocks can justify higher valuations if execution remains intact. For investors seeking exposure to artificial intelligence trends, robotaxi commercialization, and cloud infrastructure consolidation, the combination of a 230% performer (Uber) and a 190% gainer (Amazon) offers a pragmatic entry point into transformative technology adoption.