17 Trending AI Stocks According to Latest News And Analyst Ratings

Page 8 of 10

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

Number of Hedge Fund Holders: 302    

Amazon.com, Inc. (NASDAQ:AMZN) operates as a technology conglomerate with core interests in the ecommerce business. One of the important areas where the tech giant is implementing AI solutions is the web services business. This business, which grew 19% during the second-quarter and accounted for more than $26 billion in revenue, beat the Wall Street consensus estimates by close to 2% of around 17.6%. AI chips used to implement features on the cloud are slowly coming towards a better supply balance and the narrative around the AI prowess of the firm is also improving.

These developments regarding Amazon.com, Inc. (NASDAQ:AMZN) are encouraging, according to analysts at investment advisory RBC Capital. The advisory has an Outperform rating on the shares with a price target of $215, and recently noted that the bull thesis on the firm was largely on track as investments in AI infrastructure to help support web services demand looked to be paying off.

Page 8 of 10