14 AI News Updates Wall Street Is Monitoring

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

Number of Hedge Fund Holders: 286  

Amazon.com, Inc. (NASDAQ:AMZN) operates as a technology conglomerate with core interests in the ecommerce business. On November 20, news platform Spot Media reported that the tech  giant was closing an AI and machine learning department it had set up in Romania. As part of the closure plans, nearly 400 people employed by the department are to be laid off. According to Spot Media, those who are being laid off have already been informed. The department, named AGI Data Services, managed and validated data to feed AI models and applications.

While we acknowledge the potential of Amazon.com, Inc. (NASDAQ:AMZN) as an investment, our conviction lies in the belief that some 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 Amazon.com, Inc. (NASDAQ: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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