10 AI News You Shouldn’t Miss

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1. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 308    

Amazon.com, Inc. (NASDAQ:AMZN) engages in the retail sale of consumer products, advertising, and subscriptions service through online and physical stores in North America and internationally. Deidre Bosa, a reporter for news platform CNBC, recently claimed that Amazon-backed AI startup Anthropic is on track to generate $1 billion in revenue this year, up 1,000% year-on-year. The increase in revenue represents the explosive growth opportunity in AI, a tech trend that started gaining widespread traction in 2023. Bosa claims that despite the revenue jump, the gross margin of the firm is thinner than a high-quality firm, coming in at only 38%, but that likely has to do with higher upfront costs in developing AI models.

While we acknowledge the potential of Amazon.com, Inc. (NASDAQ:AMZN) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than Amazon.com, Inc. (NASDAQ:AMZN) but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.

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