1. Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 339
Amazon.com Inc. (NASDAQ:AMZN) is an American technology company offering e-commerce, cloud computing, and other services, including digital streaming and artificial intelligence solutions. On February 27, TD Cowen analyst John Blackledge maintained a “Buy” rating on the stock and set a price target of $265.00. According to the analyst, Amazon’s recent launch of its GenAI-powered Alexa+ assistant emphasized its efforts across its Amazon Web Services, eCommerce, and advertising businesses.
With this development, he anticipates AWS’s generative AI revenue of $7.1 billion in 2025 to ascend to $56.3 billion in 2030. The firm’s consumer survey on Amazon, generative AI and Alexa+ has also revealed how consumers were likely to give a positive reaction to the new Alexa due to their extensive usage and engagement with the product. According to the survey, 80% of Echo Device owners interact with Alexa at least once throughout the day, with the Echo Device being Amazon’s smart speaker which connects to Alexa.
“Alexa+ should make it easier to make purchases directly through voice, with capabilities including ‘Experts’ that can complete tasks across partner platforms.”
-Blackledge.
While we acknowledge the potential of 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 time frame. If you are looking for an AI stock that is more promising than AMZN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stock To Buy Now and Complete List of All AI Companies Under $2 Billion Market Cap.
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