15 Trending AI Stocks on Latest Analyst Ratings and News

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

Number of Hedge Fund Holders: 308    

Amazon.com, Inc. (NASDAQ:AMZN) operates as a technology conglomerate with core interests in the ecommerce business. Latest reports indicate that the company has signed a deal to purchase Perceive Corporation from California-based technology firm Xperi. Perceive is the developer of Ergo, an AI processor that focuses on delivering edge inference solutions. The move is part of a wider plan by Amazon to invest in AI chips, like competitors Google and Apple. The deal is worth around $80 million and includes specific clauses that prevent Xperi and Perceive from engaging in certain business activities for three years after the purchase. Under the terms of the deal, employees from the newly purchased firm would join the ecommerce giant after the sale goes through.

Amazon.com, Inc. (NASDAQ:AMZN) might be a bit behind other tech giants when it comes to incorporating AI into products, but Wall Street still considers it a top idea in the growth space. For example, investment advisory Seaport Research has a Buy rating on the shares with a price target of $200. In a recent investor note, the advisory underlined that while second quarter results and guidance were somewhat mixed for the company, the steady ecommerce growth, cloud leadership and advertising momentum were driving optimism around the shares.