12 Best Blue Chip Stocks To Invest In According to Short Sellers

4. Amazon.com Inc (NASDAQ:AMZN)

Number of Hedge Fund Holders: 308

Short % of Shares Outstanding: 0.77%

Amazon.com Inc (NASDAQ:AMZN) is fourth on our list of the 10 best blue chip stocks according to short sellers. Amazon.com Inc (NASDAQ:AMZN) is a technology company that specializes in e-commerce, online retail, streaming, and data cloud services.

We call Amazon the e-commerce giant because it is on track to capture over 40% of the e-commerce market in the United States. It is also worth noting that its proprietary cloud service, Amazon Web Services (AWS), increased its revenue by 17.2%, year-over-year in Q1 to 18.8% in Q2.

Amazon.com Inc (NASDAQ:AMZN) can also be considered a rising AI star. Over the past few months, the company has not only partnered with AI startups and the US government, but it has also been actively investing in the development of AI chips. Its AI journey does not end here. The tech company has powered its e-commerce platform with AI to help customers shop, and receive intuitive product recommendations, and ideal price packages.

Analysts are bullish on AMZN and their 12-month median price target of $220 points to an 18% upside from current levels. Overall, AMZN was held by 308 hedge funds at the close of Q2 2024 with total stakes amounting to $65.85 billion. As of June 30, Fisher Asset Management was the largest shareholder with a position worth $8.46 billion.

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.”