10 Best Tech Stocks For Long Term Investment

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

Number of Hedge Fund Holders: 286

Amazon.com Inc. (NASDAQ:AMZN) is an e-commerce giant and an emerging leader in cloud computing services through Amazon Web Services (AWS), and digital media. It is known for its customer-centric approach and continuous innovation, particularly in AI and machine learning.

It successfully conducted its first drone delivery test in Italy on December 5, a significant step towards launching the service in the country next year. This marks a key milestone for its European drone delivery plans, following successful tests in the US. The test utilized the company’s advanced MK-30 drone system, equipped with cutting-edge computer vision technology. This technology enables the drones to navigate safely, avoiding obstacles and ensuring the safety of people and property while maintaining separation from other aircraft.

Amazon.com Inc. (NASDAQ:AMZN) has been actively pursuing drone delivery initiatives, with ongoing tests in the UK and operational services already underway in select locations in Texas and Arizona. The company continues to collaborate with authorities in both Italy and the UK to fulfill all regulatory requirements for the full-scale launch of drone delivery services. This reveals that the company is well-positioned for sustained long-term growth.

Diamond Hill Select Strategy stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its Q2 2024 investor letter:

“Among our top individual contributors in Q2 were Amazon.com, Inc. (NASDAQ:AMZN), Texas Instruments and Mr. Cooper Group. Internet retail and cloud infrastructure company Amazon is benefiting from strong profitability, particularly in its Amazon Web Services (AWS) business. Shares also received a boost amid growing optimism around the demand for AWS as Amazon customers’ investments in generative AI projects continue growing.”

As we acknowledge the growth potential of Amazon.com Inc. (NASDAQ:AMZN), our conviction lies in the belief that AI stocks hold great promise for delivering high 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: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.

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