9 Trending AI Stocks on Latest News and Ratings

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

Number of Hedge Fund Holders: 286

Amazon.com, Inc. (NASDAQ:AMZN) has been a leader in AI innovation, using it to transform shopping, entertainment, and operations, and drive progress across its diverse businesses. The company continues to be deeply involved in advancing AI technologies to enhance customer experiences and optimize services.

On December 16, Fox News reported that Amazon Web Services (AWS) announced an additional $10 billion investment in Ohio’s data center infrastructure, bringing its total commitment to over $23 billion by 2029. This expansion, building on AWS’s 2016 entry into the state, will support new data center locations, though specific sites are yet to be determined. The investment is contingent on securing long-term energy agreements. AWS’s data centers will host technology infrastructure for cloud computing, AI, and machine learning. This follows AWS’s June 2023 announcement of a $7.8 billion investment in central Ohio by 2029, in addition to $6 billion invested through 2022, the report stated.

While we acknowledge the potential of Amazon.com, Inc. (NASDAQ:AMZN) as an investment, our conviction lies in the belief that 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: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.

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