15 Stocks ChatGPT Predicts Could Make You Wealthy in 10 Years

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

Number of Hedge Fund Holders: 286

Amazon.com, Inc. (NASDAQ:AMZN) is an American multinational technology company that engages in e-commerce, online advertising, cloud computing, artificial intelligence, and digital streaming. According to Insider Monkey’s database for Q3 2024, it is the most widely held stock by hedge funds.

On October 31, the company announced financial results for the third quarter of fiscal 2024. Net sales were reported at $158.9 billion, up 11% from the prior year’s quarter, excluding the impact of foreign exchange rates. Operating income surged 56% year-over-year to a total of $17.4 billion. Net income increased to $15.3 billion during the quarter, compared with $9.9 billion in Q3 2023. EPS was logged at $1.43, beating estimates by 29 cents.

The stock’s share price has gained 26% since the results were declared and is resulting in continued investor confidence. Ithaka US Growth Strategy stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN)’s recent financial performance in its Q4 2024 investor letter:

Founded in 1994, Amazon.com, Inc. (NASDAQ:AMZN) has evolved from its early roots as an online bookstore to become one of the world’s largest e-commerce retailers. At the end of 2023 Amazon stood poised to capture ~40% of all US e-commerce sales, representing five times more share than the next closest competitor. In addition to e-commerce, Amazon Web Services (“AWS”) has become the market leader in outsourced cloud infrastructure. Further, Amazon Advertising is garnering significant share in digital advertising, particularly product placement ads, thanks to consumers beginning their product searches on Amazon’s site. Amazon’s stock appreciated on the back of a strong 3Q earnings report that beat on the top line, saw significant earnings growth relative to expectations ($1.43 actual vs $1.15 expected), and exhibited continued operating margin improvement.

Investment experts expect Amazon.com, Inc. (NASDAQ:AMZN) to continue growing in 2025. Amid increasing confidence in the company’s dominance in e-commerce and cloud computing, Wall Street analysts are bullish on the stock, with a consensus Strong Buy rating and an average share price upside potential of 6%.

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