35 AI Superstars According to Goldman Sachs

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1. 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. JMP Securities analyst Nicholas Jones recently penned an investor note on the company, maintaining an Outperform rating with a price target of $265. In the note, the analyst underlined that it was possible for Amazon to save more than $20 billion annually by deploying autonomous technology combined with electric combination trucks for middle-mile transport and replacing internal combustion engine delivery vans with electric Rivian Automotive delivery vans. Per the analyst fuel cost tended to be 25%-30% of the per mile costs in middle-mile and last-mile delivery, while electric vehicles could generate a nearly 50% reduction in per-mile energy costs.

JMP viewed this as a medium- to long-term opportunity for Amazon.com, Inc. (NASDAQ:AMZN). More near term, as the company converted its last-mile fleet to electric Rivian fans, there was potential for up to $7 billion of annual savings, globally, contended the analyst. Amazon has deployed 15,000 Rivian vans in the US and thousands across Europe, according to JMP.

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: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.

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