10 Best AI Stock Picks of Billionaire Steve Cohen

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1. Amazon.com Inc (NASDAQ:AMZN)

Steve Cohen‘s Q1’2024 Stake: $680,862,168

Amazon.com Inc (NASDAQ:AMZN) is one of the primary AI stocks thanks to its AWS arm which allows businesses to develop, deploy and maintain AI apps using Cloud computing. Amazon.com Inc’s (NASDAQ:AMZN) AWS revenue in the first quarter jumped 17% to $25 billion. The Street was expecting 14.7% growth. After Amazon.com Inc’s (NASDAQ:AMZN) latest results, Citi analyst Ronald Josey said that AWS demand is rising and generative AI is becoming a “multi-billion” annual recurring revenue stream for Amazon.com Inc (NASDAQ:AMZN).

Billionaire Steve Cohen decreased his hold in Amazon.com Inc (NASDAQ:AMZN) by 20% in the first quarter. He still owns a $680 million stake in Amazon.com Inc (NASDAQ:AMZN).

Vulcan Value Partners stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its first quarter 2024 investor letter:

Amazon.com, Inc. (NASDAQ:AMZN) is a dominant, world class company with powerful secular tailwinds in place including its ecommerce penetration, digital advertising growth, and the cloud transition. Amazon reported strong results during the quarter. Losses in the Core Retail business significantly narrowed. Amazon reduced its cost to serve on a per unit basis for the first time since 2018 as the company’s recent regionalization efforts continue to bear fruit.”

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