Amazon's stock sank on Thursday afternoon, weighed down by mixed guidance and AI competition, though the company beat Q2 earnings expectations.

Google parent Alphabet offered up its own strong results, noting cloud revenue climbed 32% and backlog, or purchase commitments from customers not yet realized, rose 38%. Search also performed better than expected during the quarter, with sales increasing 12% year over year.

Amazon.com, Inc. (NASDAQ:AMZN) ranks among the best stocks to buy for the next 6 months. On July 29, Mark Kelley, an analyst at Stifel, raised the price target for Amazon.com, Inc. (NASDAQ:AMZN) from $245 to $262 while keeping the company’s shares at a Buy rating.