What was the last thing you heard about Amazon (AMZN)? Or was it the FAA's approval of Amazon's delivery drones? Most of this news about Amazon's store is just noise that distracts investors from Amazon's real force. As I'll show, Amazon is running an "operating system" that powers some of today's most important technologies such as virtual reality, machine learning, and even quantum computing. Behind the scenes, it is utilized by over a million companies--including tech giants Apple AAPL, Netflix NFLX, and Facebook FB .

Amazon.com (NASDAQ:AMZN) is one of the pioneers of the wide-scale commercialization of artificial intelligence (AI). Back in the 1990s, the company leveraged its massive data to provide personalized recommendations. It was a major differentiator and helped drive Amazon stock price higher. But when it comes to AI, much of the innovation has come during the past decade. This has been due to the explosion of Big Data, the emergence of new AI algorithms -- such as deep learning neural networks -- and the increased capabilities of graphics processing units and cloud computing.

Amazon, the world's largest company by market capitalisation, reported improved earnings and profits late on Thursday. The company reported its third record profit in a row, capitalizing on a strong holiday retail season and its growing, high-margin businesses such as cloud computing and advertising. The Seattle-based company reported a profit of $3.03bn, or $6.04 a share, up from $1.86bn, or $3.75 a share, on the same quarter a year earlier. Revenue grew 20% to $72.38bn. Amazon's voice-controlled virtual assistant Alexa, and the devices which play it, helped the performance.

Following the release of its second quarter of fiscal year 2016 (2QFY16) earnings release, Wall Street has been incrementally optimistic over Amazon.com, Today, the stock of the US biggest e-commerce force receives two major price target boosts from RBC Capital Markets and Evercore ISI. Amazon stock increased as much as 1.21% and hit an intra-day high of 779.00. Just half an hour after the opening bell, the stock was 1.10% and 1.17 million shares were traded compared to average daily trading of 2.25 million. Ken Sena, analyst at Evercore, maintained Buy rating on Amazon stock and increased price target by 85 to 1015.