17 Latest AI News and Analyst Ratings You Should Not Miss

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. As it prepares to integrate AI into Amazon Web Services (AWS), one of the biggest cloud computing operations in the world, the tech firm has continued to invest in other AI ventures, most notably the $4 billion investment in California-based startup Anthropic earlier this year. The latter is a rival of OpenAI of ChatGPT fame. Under the terms of the agreement, the startup will use AWS as the primary cloud provider as it uses Amazon chips to build, train, and deploy generative AI models. Authorities in the United Kingdom are reviewing this deal to determine if it violates business competition rules.

Amazon.com, Inc. (NASDAQ:AMZN) has been a Wall Street darling for many years. The past few weeks are no exception. Citigroup recently reiterated a Buy rating on the stock with a price target of $245, noting that the firm delivered a strong second quarter as AWS revenue growth was accelerating, faster shipping times were improving conversion rates, and overall cost-to-serve costs were declining. The advisory further added that as the company incorporated AI across services, it was on track to deliver continued growth and margin expansion such that the third quarter operating income guide could prove conservative.