In this article, we will be taking a look at the 10 best American stocks to buy for foreign investors.
With August Ending, What Can We Expect From US Markets?
Historically, September is considered to be the worst month for stocks. The S&P 500 index has generally averaged a decline in the month of September for decades, which has resulted in many financial news reporters, such as the Wall Street Journal, dubbing September as a weak month for US stocks. So with August coming to an end, many investors in the US and abroad may be wondering whether now is a good time to pick up US stocks for their portfolios.
While history can often be an accurate indicator of stock performance, this is not always the case. This year may very well be an outlier in the historical trend outlined above, seeing as many financial analysts are expecting the US Federal Reserve to move ahead with a rate cut this September. CNBC’s “Power Lunch” on August 21 highlighted that according to the Fed’s recent meeting minutes, it is quite probable that we will be seeing a rate cut this September, which will probably result in stock prices rising and the markets performing better. This is because when a rate cut is announced, consumers and businesses tend to increase their spending and investment, which has a direct and positive impact on stock prices, causing them to rise. As such, if we do see a rate cut next month, investors may actually benefit from investing in American stocks.
How Would a Potential Rate Cut Impact The Markets?
On August 22, Tom Lee, Fundstrat Global Advisors Managing Partner, joined CNBC’s “Squawk Box” to discuss the status of the US markets at present. Here’s what he had to say:
“The FMOC minutes that came out yesterday showed the Fed staff saying this is a strong labor market, while that jobs report that came out Friday and the revisions that just came out show a lot of jobs disappearing. It’s not a stronger market, and I think it gives more ammunition for the Fed to start a cutting cycle, and that’s gonna give a lot of life to the economy and to the markets. Especially cyclical stocks and small-cap stocks.”
According to Lee, investors looking to buy into US equities right now would benefit greatly from a rate cut if it does come about in September. A major beneficiary of such a cut would actually be the tech sector. In this regard, Lee said the following:
“I think tech is still in a good place because of AI, and NVIDIA should reinforce that. It’s not a demanding multiple, maybe 28x forward earnings, which is, for the best, one of the most important companies in the world, not a high multiple. So, if tech is in a good place, and then we get fed cuts, I think it allows the whole overall market to expand.”
Considering the above, US markets may actually be a good place to invest for foreign investors at present, and within these markets, tech may be a good place to start. This is why we’ve compiled a list of the best American stocks to buy for foreign investors, comprising most tech companies. Our list includes some of the best American tech stocks to buy, alongside some of the top US stocks for foreigners.
Stocks
Our Methodology
We selected the most popular American stocks among major hedge funds to compile our list, by using Insider Monkey’s hedge fund data for the second quarter of 2024. These companies are considered to be the best US stocks to invest in today according to major institutional investors, and should thus be considered by foreign investors looking to buy into American equities.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points. (see more details here).
10 Best American Stocks To Buy For Foreign Investors
10. Broadcom Inc. (NASDAQ:AVGO)
Number of Hedge Fund Holders: 130
Broadcom Inc. (NASDAQ:AVGO) is a semiconductor company based in Palo Alto, California. The company is among the most popular American stocks in the market right now, probably because of its heavy reliance on AI-driven revenue. So it’s not surprising that AI is one of its major growth drivers.
We believe that Broadcom Inc. (NASDAQ:AVGO) would be a smart stock pick for foreign investors because it’s set for immense growth in light of its AI semiconductors and the acquisition of a software business, VMware. These two factors helped the company grow its earnings in the second quarter, with revenue rising 43% year-over-year. Broadcom Inc. (NASDAQ:AVGO) also increased its outlook for AI-related revenue after the second quarter, primarily relying on its strength in hyper-scale custom compute and networking chips, where the company is dominating in the market.
Some of the most reputable clients for Broadcom Inc. (NASDAQ:AVGO) include Google and Meta, both big tech names with a lot to offer. Broadcom Inc. (NASDAQ:AVGO) is responsible for designing custom accelerators for these companies. Investors like this stock because of its incredible involvement and contribution to the AI space, seeing as this area of tech is driving up growth for all its major players.
There were 130 hedge funds long Broadcom Inc. (NASDAQ:AVGO) in the second quarter of 2024, with a total stake value of over $20 billion. GQG Partners was the largest shareholder in Broadcom Inc. (NASDAQ:AVGO) at the end of the second quarter, holding 32,349,800 shares in the company.
Baron Funds said the following about Broadcom Inc. (NASDAQ:AVGO) in its second-quarter 2024 investor letter:
“Broadcom Inc. (NASDAQ:AVGO) is a global technology leader that designs, develops, and supplies a broad range of semiconductor and infrastructure software solutions. The stock rose during the quarter as it reported strong earnings on the back of its two key growth drivers, AI semiconductors and its acquired VMware software business. The company once again increased its outlook for AI-related revenue, now expecting $11 billion or more this year (versus prior guidance for $10 billion), on the back of strength in both hyperscale custom compute and networking chips, where Broadcom maintains dominating share. In networking, Broadcom’s solutions are critical to enabling AI training factories to scale towards 100,000 chip clusters in the near term and 1 million chip clusters over the coming years. In AI custom compute, Broadcom designs custom accelerators for large consumer- internet AI companies (such as Google and Meta), who are building increasingly large AI clusters to drive improvements in user engagement and targeted advertising on their consumer media platforms. VMware remains on track to continue rapid sequential growth while simultaneously reducing operating expenses, driving faster-than-expected margin expansion and accretion, as management has simplified the product offering and is converting customers from a license model to subscriptions. We believe VMware will grow beyond the $4 billion near-term quarterly target, well above current analyst expectations. These two factors combined have caused a re-rating to the growth profile for the overall company. To quote CEO Hock Tan, “there is only one Broadcom. Period.”
9. Mastercard Incorporated (NYSE:MA)
Number of Hedge Fund Holders: 142
Mastercard Incorporated (NYSE:MA) is a financial company based in Purchase, New York. It is primarily responsible for transaction processing and payment-related products and services in the US and internationally. We’ve added Mastercard Incorporated (NYSE:MA) to our list because it’s not only a highly popular US stock, but it has also seen immense growth in the second quarter and seems well prepared for further growth down the line.
In the company’s second-quarter earnings call, Michael Mieback, the CEO, noted that the company’s growth in the second quarter is set to continue in the remainder of 2024 because of two reasons. First, Mastercard Incorporated (NYSE:MA) has incorporated several organizational changes to support its growth algorithm, and second, it is planning on enhancing and expanding its value-added services, such as data analytics, as it continues to embed AI in its products and services.
Another major reason why foreign investors should consider Mastercard Incorporated (NYSE:MA) is that it’s currently breaking into a large untapped emerging market, namely Africa. The company has recently executed two deals, one with Dashen and Ethiopian Airlines and the other with RwandAir and INM Rwanda. Mastercard Incorporated’s (NYSE:MA) involvement in Africa is expected to open up great opportunities for the company, since approximately 90% of transactions in Africa are presently made in cash, leaving great room for a financial company like Mastercard Incorporated (NYSE:MA) to make a significant impact by way of digital transformation there. Additionally, other partnerships with the Commercial Bank of Ethiopia, and I&M Bank in Kenya are also expected to help Mastercard Incorporated (NYSE:MA) increase its share in both of these markets as well.
A total of 142 hedge funds held stakes in Mastercard Incorporated (NYSE:MA) in the second quarter, with a total stake value of $15.3 billion. Akre Capital Management was the most prominent shareholder in Mastercard Incorporated (NYSE:MA) at the end of the second quarter, holding 4,039,349 shares in the company.
L1 Capital mentioned Mastercard Incorporated (NYSE:MA) in its second-quarter 2024 investor letter:
“The share prices of Mastercard Incorporated (NYSE:MA) and Visa, both long term Fund investments, have both drifted down over recent months. There have been no dramatic developments, but there has been a general slight softening in the rate of growth of consumer spending in the U.S. and globally, a court decision rejecting Mastercard and Visa’s proposed settlement of a long-lasting dispute with U.S. merchants as well as other modest adverse regulatory developments. We continue to view Mastercard and Visa as two of the highest quality businesses in the world, and both are well placed to continue to deliver attractive, risk adjusted returns to shareholders over time.”
8. Uber Technologies, Inc. (NYSE:UBER)
Number of Hedge Fund Holders: 145
Uber Technologies, Inc. (NYSE:UBER) is a San Francisco-based company well known for its ride-hailing app. We believe it is one of the best American stocks for foreign investors to buy right now because of its stellar consistent growth and ability to continue this growth even in a difficult economy.
According to the company’s CEO, Dara Khosrowshahi, in Uber Technologies, Inc.’s (NYSE:UBER) second-quarter earnings call, the main challenges that may arise for the company are the strength of its consumer and the possibility of a recession impacting its growth. To alleviate these concerns, Khosrowshahi noted that, first off, the Uber consumer seems to be in great shape, with the company’s audience being larger than ever, resulting in its services continuing to be used consistently on a large scale. Since ride-hailing apps offer expensive transport relative to public transport, the Uber consumer generally tends to have a higher income, and according to Uber Technologies, Inc.’s (NYSE:UBER) current analysis, there doesn’t seem to be any trading down across its consumers’ income cohort.
With consumer strength out of the way, the bigger issue of performance in a time of economic difficulty comes up. However, Uber Technologies, Inc. (NYSE:UBER) has developed a mechanism to ensure its consistent growth because it is uniquely positioned to offer immense value for autonomous vehicle (AV) players looking to publicize their tech at scale. Many AV players are currently facing the issue of their vehicles being too costly for the average consumer. In this regard, passenger ground transportation providers such as Uber Technologies, Inc. (NYSE:UBER) can act as a valuable partner for AV players, and the company is presently in talks with many AV companies to encourage them to join its platform for mutual benefit.
Uber Technologies, Inc. (NYSE:UBER) had 145 hedge funds long its stock in the second quarter, with a total stake value of $8.7 billion.
7. Visa Inc. (NYSE:V)
Number of Hedge Fund Holders: 163
Visa Inc. (NYSE:V) is another financial company on our list, with a business quite similar to Mastercard. We believe its one of the best American stocks in the market today because of its growth and expansion over major markets globally.
The company has partnerships with major international players in the financials sector, such as Korea’s KB Kookmin Car, Peru’s Banco de Credito de Peru, and Wells Fargo in the US, among numerous others. Visa Inc. (NYSE:V) is also a top pick for investors because its network is considered to be convenient and secure for consumers, which drives up consumer numbers regularly.
Visa Inc. (NYSE:V) expects continued growth in the future because of its stellar performance so far in 2024, its expansion of existing partnerships, and the development of innovative products and solutions. One such solution is the account-to-account risk-scoring solution Visa Protect with Pay.UK, which has shown an average 40% uplift in fraud detection over the 3-month pilot period. This solution is also being launched in other markets, such as Argentina, and is only one example of Visa Inc.’s (NYSE:V) innovative growth catalysts.
We saw 163 hedge funds long Visa Inc. (NYSE:V) in the second quarter, with a total stake value of $24.9 billion.
Here’s what Aoris Investment Management said about Visa Inc. (NYSE:V) in its second-quarter 2024 investor letter:
“Visa Inc. (NYSE:V) operates the world’s largest payments network, which facilitates the movement of money between merchants, financial institutions, consumers, businesses, and governments.
The company is best known for enabling consumers to make debit and credit card payments. In the year to September 2023, 4.3 billion Visa cardholders made 213 billion transactions on its network, to a total value of US$12.1 trillion.
Compared to cash and cheques, which are still widely used around the world, Visa’s network is a more convenient, secure, and ubiquitous way for consumers to pay. Visa has invested to reduce friction and fraud in the payments experience, to the benefit of both merchants and consumers…” (Click here to read the full text)
6. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 179
NVIDIA Corporation (NASDAQ:NVDA) is a semiconductor company well-known to anyone interested in the AI market. Many investors like this stock because, at present, returns are becoming increasingly concentrated in a handful of tech names, and NVIDIA Corporation (NASDAQ:NVDA) is one of them, making it a stock you just can’t miss out on.
NVIDIA Corporation (NASDAQ:NVDA) is known to be a company experiencing rapid growth. In the second quarter alone, the company grew its quarterly revenues to $26 billion, representing a growth of 262% year-over-year. The main catalyst for this growth is the increasing demand for graphics processing units, which NVIDIA Corporation (NASDAQ:NVDA) supplies. The company is currently nearing a new product cycle, with Blackwell going into production in the third quarter, which only bears testament to this demand’s existence. We thus consider NVIDIA Corporation (NASDAQ:NVDA) to be among the top American stocks to buy now for any investor, because demand for its products only seems to be going up, resulting in growth continuing.
In the second quarter, 179 hedge funds were long NVIDIA Corporation (NASDAQ:NVDA), with a total stake value of $53.7 billion.
Aoris Investment Management mentioned NVIDIA Corporation (NASDAQ:NVDA) in its second-quarter 2024 investor letter:
“If Information Technology was the dominant sector for the quarter, NVIDIA Corporation (NASDAQ:NVDA), which is the largest supplier of microprocessors used for generative AI applications, was the dominant company. NVIDIA’s share price rose by a third in the quarter and has increased by 255% so far this year. Since the beginning of 2023, its market value has risen by 8.3x, or $4.3 trillion, making NVIDIA the third largest company in the world by this measure.
As a result of the unusually strong stock price performance from NVIDIA and a few other large companies, equity markets have become increasingly concentrated. You can see this in the chart below, which shows that on 30 June, 27% of the market value of the 500 largest US companies was attributable to just five companies, more than twice the average of the last 20 years.
The composition of the Aoris International Fund will always be very different to that of the broader equity market. There will be periods, such as the most recent quarter, where this contributes to our performance lagging that of our benchmark. When it comes to NVIDIA and other AI-centric companies, rapid growth is exciting, but it makes it difficult for us to judge what is normal. Our preference is to own established leading companies where we can make a more confident, evidence-based judgement about their growth and profitability.”
5. Apple Inc. (NASDAQ:AAPL)
Number of Hedge Fund Holders: 184
Apple Inc. (NASDAQ:AAPL) is one of those tech companies that needs no introduction, given its immense fame and contributions in the tech space. It is considered to be one of the best American investments because of its leading role in tech and its vast growth across the globe.
Investors are interested in Apple Inc. (NASDAQ:AAPL) not only because of its tech products but also because it has diversified its offerings to include attached services, such as the App Store, iCloud, Apple TV+, Apple Music, and Apple Pay. Through these services, Apple Inc. (NASDAQ:AAPL) has ensured that it has a recurring revenue stream providing a higher margin. Over 1 billion subscribers pay for Apple Inc.’s (NASDAQ:AAPL) attached services in 2024, which is almost double the amount of subscribers in 2020.
Considering the fact that Apple Inc. (NASDAQ:AAPL) has a distinct and market-leading brand and device ecosystem, investors believe that the company is well-positioned to benefit from the rise of AI. Another catalyst influencing this opinion and Apple Inc.’s (NASDAQ:AAPL) growth is Apple Intelligence, a newly unveiled offering announced at the company’s Worldwide Developer Conference. This product is built to enhance user experience for Apple Inc.’s (NASDAQ:AAPL) customers by integrating AI into Apple devices. Many investors now consider Apple Intelligence to be the next big growth driver for both revenue and product demand.
Apple Inc. (NASDAQ:AAPL) was spotted in the 13F holdings of 184 hedge funds in the second quarter, with a total stake value of $124.2 billion.
Baron Funds said the following about Apple Inc. (NASDAQ:AAPL) in its second-quarter 2024 investor letter:
“This quarter we re-initiated a position in Apple Inc. (NASDAQ:AAPL), a leading technology company known for its innovative consumer electronics products like the iPhone, MacBook, iPad, and Apple Watch. Apple is a leader across its categories and geographies, with a growing installed base that now exceeds 2 billion devices globally. The company’s attached services – including the App Store, iCloud, Apple TV+, Apple Music, and Apple Pay – provide a higher margin, recurring revenue stream that both enhances the value proposition for its hardware products and improves the financial profile. Apple now has well over 1 billion subscribers paying for these services, more than double the number it had just 4 years ago. The increasing services mix has led to healthy operating margin improvement, providing more free cash flow for Apple to reinvest in the business and to distribute to shareholders. Throughout its 48-year history, Apple has successfully navigated and capitalized on major technological shifts, from PCs to mobile to cloud computing. We believe the company’s leading brand and device ecosystem position it to do equally well in the AI age, and this was the driver of our decision to re-invest. “Apple Intelligence” – the AI strategy unveiled at Apple’s recent Worldwide Developer Conference – leverages on[1]device AI and integrations with tools like ChatGPT to enhance user experiences across its ecosystem. The AI suite enables users to create new images, summarize and generate text, and use Siri to perform actions across their mobile applications, all while maintaining user privacy and security. We think Apple Intelligence can drive accelerated product upgrade cycles and higher demand for Apple services. The combination of growth re-acceleration, increasing services contribution, and thoughtful capital allocation should continue driving long-term shareholder value.”
4. Alphabet Inc. (NASDAQ:GOOGL)
Number of Hedge Fund Holders: 216
Alphabet Inc. (NASDAQ:GOOGL) is yet another big tech name on our list. One of the main reasons its being added to this list is because of its current position as a leader in the AI space and its potential to retain this position.
In the first half of 2024, Alphabet Inc. (NASDAQ:GOOGL) delivered exceptional results with revenue growth at 14%. The primary reasons for this growth included not only the increasing adoption of AI automation tools but also the fact that Alphabet Inc. (NASDAQ:GOOGL) occupies a dominant position in the digital advertising market. The company is being bought up by investors considering its numerous milestones in AI product development as well. For instance, at Alphabet Inc.’s (NASDAQ:GOOGL) annual developer conference this May, the company unveiled its “AI Overviews,” which are AI-powered summary responses for queries. This represents an immense step forward in AI integration within Alphabet Inc.’s (NASDAQ:GOOGL) Search business, which is its key revenue growth catalyst, and is one of the many reasons why investors are purchasing Alphabet Inc. (NASDAQ:GOOGL) stocks today.
Alphabet Inc. (NASDAQ:GOOGL) was found in the portfolios of 216 hedge funds in the second quarter, with a total stake value of $35.3 billion.
Here’s what Pershing Square Holdings said about Alphabet Inc. (NASDAQ:GOOGL) in its first-half 2024 investor letter:
“Alphabet Inc. (NASDAQ:GOOG), the parent company of Google, delivered stellar business results in the first half of 2024. Revenues grew 14% powered by Google’s dominant position in the fast-growing digital advertising market as well as certain company-specific tailwinds including the increasing adoption of AI automation tools by advertisers and YouTube’s continued success in the Connected TV Medium. Strong revenue growth coupled with cost control initiatives and stable staffing levels (headcount has remained flat year-to-date), resulted in strong operating leverage. Operating profit margins expanded approximately 340 basis points, excluding one-time severance and real estate charges. In the second quarter, the company’s Cloud segment outpaced its major competitors with 29% revenue growth and achieved 11% profit margins, after first reaching profitability just 18 months ago.
Amidst solid financial performance, Google is achieving notable milestones in its AI product development roadmap. At its annual developer conference in early May, the company unveiled the broad rollout of “AI Overviews”, which are AI-powered summary responses for certain types of queries. Early results from AI Overviews highlight how thoughtful integration of AI into Search not only improves the user experience, leading to more frequent and detailed queries, but also creates opportunities for greater ad monetization through context-rich responses and higher conversion rates…” (Click here to read the full text)
3. Meta Platforms, Inc. (NASDAQ:META)
Number of Hedge Fund Holders: 219
Meta Platforms, Inc. (NASDAQ:META) is a major company in the communications sector since it operates the world’s largest social network. The main revenue growth driver for the company is online advertising, which Meta Platforms, Inc. (NASDAQ:META) does exceptionally well through its numerous social media platforms.
With the rise of AI and advertisement demand, Meta Platforms, Inc. (NASDAQ:META) has only made its business model and growth more robust. The company’s revenue grew by 22% year-over-year in the second quarter, because of these factors. Meta Platforms, Inc. (NASDAQ:META) is also gaining a lot of popularity because of its immense contributions to generative AI development, with the company calculated to have ramped up spending on this development to over $20 billion annually.
There were 219 hedge funds long Meta Platforms, Inc. (NASDAQ:META) in the second quarter, with a total stake value of $42.5 billion.
2. Microsoft Corporation (NASDAQ:MSFT)
Number of Hedge Fund Holders: 279
Microsoft Corporation (NASDAQ:MSFT) is a major big tech name. While it initially gained fame for its Windows and Office products, the company has since diversified its product and service offerings to include a cloud business, including its Azure cloud infrastructure service.
Considering Microsoft Corporation’s (NASDAQ:MSFT) leading role in both cloud computing and AI, investors in the stock have experienced immense growth in their portfolios. This is particularly because of the growth of Microsoft Corporation’s (NASDAQ:MSFT) AI products, most notably Azure OpenAI, which is now used by 65% of the Fortune 100. Another AI product developed by Microsoft Corporation (NASDAQ:MSFT), GitHub Copilot, now has about 1.8 million paid subscribers, which is also significantly contributing to Microsoft Corporation’s (NASDAQ:MSFT) earnings growth. Considering these factors, investors are picking up Microsoft Corporation (NASDAQ:MSFT) more enthusiastically than ever.
A total of 279 hedge funds held stakes in Microsoft Corporation (NASDAQ:MSFT) in the second quarter, with a total stake value of $89.1 billion.
Baron Funds mentioned Microsoft Corporation (NASDAQ:MSFT) in its second quarter 2024 investor letter:
“Microsoft Corporation (NASDAQ:MSFT) is the world’s largest software and cloud computing company. Microsoft was traditionally known for its Windows and Office products, but over the last five years it has built a $135 billion run-rate cloud business, including its Azure cloud infrastructure service and its Office 365 and Dynamics 365 cloud-delivered applications. The stock contributed to performance because of continued strong operating results and investor enthusiasm regarding Microsoft’s leadership across the secular megatrends of AI and cloud computing. Recent business momentum continued to show evidence of the strength and attractiveness of Microsoft’s product portfolio among its customer set: (1) Azure OpenAI – its suite of AI services – is now used by 65% of the Fortune 100 and contributed 7% of Azure revenue (an annualized run rate of $5.2 billion); (2) GitHub Copilot – its AI code writing service – is bending the productivity curve for developers (reports of 40%- plus improvements in developer efficiency) and now has 1.8 million paid subscribers, with growth accelerating to over 35% quarter-over-quarter; and (3) Copilot Studio – its AI application service that makes it easier for anyone to build an application, automate a workflow, or create a Copilot using natural language. 30,000 organizations across every industry have used Copilot Studio to customize Copilot for Microsoft 365 or build their own, up 175% quarter-over-quarter. In the March quarter, Microsoft again reported better-than-expected financial results, highlighted by Microsoft Cloud growing 23% year-over-year, with the fastest commercial bookings in six quarters, and Azure accelerating to 31% constant currency growth, up from 28% in the previous quarter. June quarter guidance came in-line with consensus, but the company provided higher guidance for the most important segment, Intelligent Cloud, on the back of continued strong trends across Azure and Azure OpenAI. We remain confident that Microsoft is one of the best-positioned companies across the overlapping software, cloud computing, and AI landscapes.”
1. Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 308
Amazon.com, Inc. (NASDAQ:AMZN) is another big tech company requiring no introduction. The main reason why this stock is so popular among customers is because it offers exceptional diversification in AI and cloud computing to its customers, making its products and services among the most popular choices for cloud users.
In the company’s second-quarter 2024 earnings call, Amazon.com, Inc.’s (NASDAQ:AMZN) CEO, Andy Jassy, noted that the company’s AI business has been growing dramatically, and this trend is expected to continue because of one core belief held by Amazon.com, Inc. (NASDAQ:AMZN). This belief is that there is no one AI tool that can rule the world. Developers and consumers working with Amazon.com, Inc. (NASDAQ:AMZN) are thus offered diverse options in AI tools, which ensures that they get the best tool for the job when they partner with this company.
Another reason for the company’s stellar growth and rising popularity among investors is the profitability of its Amazon Web Services (AWS) business. Demand for AWS has been on the rise, particularly because of Amazon.com, Inc.’s (NASDAQ:AMZN) investments in generative AI projects. This is what resulted in AWS revenues growing to 18.8% year-over-year in the second quarter.
In total, 308 hedge funds were long Amazon.com, Inc. (NASDAQ:AMZN) in the second quarter. Their total stake value in the company was $65.8 billion.
While we acknowledge the potential of AMZN, our conviction lies in the belief that under the radar 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 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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