10 Buzzing AI Stocks According to Goldman Sachs

3. 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. The CEO of Amazon Web Services, Matt Garman, spoke at the Goldman Sachs 2024 Communacopia and Technology Conference earlier this month, noting that AI was going to completely change almost every single industry in a fundamental way. Garman detailed that the early splashes of generative AI, like that of a cool chatbot, or cloud call call centers, were great but investors were missing the actual value proposition of the new technology. He said that generative AI would force companies into thinking about the core of their business, and industry-specific solutions would be unlocked through AI that were not possible before.

Amazon.com, Inc. (NASDAQ:AMZN) has been investing in data centers, servers, network and global infrastructure to stay ahead of the curve when it comes to AI tech. Garman said in response to a question about the AI growth of the Amazon cloud business that investments in custom infrastructure, especially in networking and chip domains, over the past decade had helped the tech giant reduce costs associated with AI development, putting it on a path to sustainable growth.