Amazon (AMZN) Stock: AI Shopping Tools Could Add $31 Billion Revenue by 2028

TLDR

• Amazon stock has gained about 170% over the past three years, more than doubling the S&P 500’s 80% gain.
• Evercore ISI maintains an Outperform rating with a $335 price target, seeing 48% upside from current levels around $226.
• Amazon’s AI shopping assistant Rufus reached 250 million users in 2025 and generated $10 billion in additional gross merchandise value.
• Customers using Rufus are 60% more likely to complete purchases compared to those who don’t use the AI assistant.
• Analysts project Amazon’s AI commerce features could add $31 billion in revenue and $6.8 billion in operating income by 2028.

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Amazon stock has climbed 170% over three years, crushing the S&P 500’s 80% gain. Evercore ISI sees more upside ahead with a $335 price target.

Amazon.com, Inc., AMZN

That’s 48% above the current $226 price. The catalyst? An AI shopping assistant called Rufus.

More than 250 million customers used Rufus in 2025. That usage generated $10 billion in extra merchandise sales.

Shoppers using Rufus are 60% more likely to complete purchases. That conversion boost matters at scale.

Evercore ISI projects Rufus could add $56 billion in gross merchandise value by 2028. That’s a 4.4% increase to Amazon’s retail business.

This growth comes before full feature rollout. AutoBuy and Predicting Bundling are still in development.

AI Impact on Revenue and Profits

Some worry AI assistants might hurt advertising revenue. Evercore disagrees.

They estimate Rufus could boost ad revenue by $4 billion or 3% by 2028. AI-guided shopping creates higher-intent customers.

Those customers become more valuable to advertisers. Amazon’s ad business already generates 9% of total revenue.

AWS remains the profit engine. It produced 60% of operating profit in the first nine months of 2025 on just 18% of sales.

The cloud business controls 32% of the global market. That dominance subsidizes Amazon’s retail operations.

Prime membership tops 240 million paid subscribers. The ecosystem keeps customers locked in with fast shipping and competitive pricing.

Amazon’s operating margin expanded from 2.4% in 2022 to 10.9% in 2025. Revenue growth returned to double digits after an inflation-driven slowdown.

Analysts expect 12% annual revenue growth and 20% EPS growth through 2027. Amazon stock trades at 29 times 2026 earnings.

The PEG ratio sits at 0.62, suggesting undervaluation relative to growth potential. Total revenue reached $691.33 billion over the last twelve months.

Evercore ISI estimates AI commerce features could add $31 billion to 2028 revenue. Operating income could jump $6.8 billion or 4.6%.

If Amazon maintains 15% EPS growth through 2029 at current valuation multiples, shares could gain more than 60% over three years. That beats the S&P 500’s typical 10% annual return.

Rufus usage continues climbing as awareness grows. The AI assistant has converted millions of browsers into buyers.

Amazon Web Services revenue grew 11.48% over the last twelve months as cloud spending accelerated. The consensus analyst rating remains strongly bullish at 1.33.

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