5 Best Edge Computing Stocks to Buy Now

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

Number of Hedge Fund Holders: 278

Amazon.com, Inc. (NASDAQ:AMZN) is a leading American multinational technology company with a diverse range of business interests. These include e-commerce, cloud computing through Amazon Web Services (AWS), online advertising, digital streaming, and artificial intelligence. The company’s cloud service division offers edge computing services as well. For instance, AWS edge services facilitate data processing, analysis, and storage in proximity to end-user devices, enabling the deployment of APIs and tools at locations outside of AWS data centers.

On November 2, HSBC initiated coverage of Amazon.com, Inc. (NASDAQ:AMZN) with a “Buy” rating and a price target of $160. The analysts at the firm highlight that Amazon’s potential in the cloud computing space exceeds the strong customer loyalty in e-commerce. HSBC also emphasizes that Amazon Web Services (AWS) continues to be one of the most compelling narratives in the technology sector. In addition, the firm asserts that any short-term growth challenges do not undermine the long-term growth prospects of the company.

Based on data from Insider Monkey’s database, a total of 278 elite hedge funds held positions in Amazon.com, Inc. (NASDAQ: AMZN) stock, with a collective stake value of $34.9 billion. This represents an increase from the 243 hedge funds that collectively held a stake valued at $25.7 billion previously. Notably, Chicago-based Harris Associates emerged as the most significant stakeholder in the company, with 15.6 million shares valued at $2.036 billion.

White Falcon Capital Management mentioned Amazon.com, Inc. (NASDAQ:AMZN) in its third quarter 2023 investor letter. Here is what it said:

“There are comparable narratives involving NU Holdings, Amazon.com, Inc. (NASDAQ:AMZN), and Teck Resources, to name a few holdings from the White Falcon portfolio. Amazon constructed its logistics network and cloud computing infrastructure using yesterday’s currency, but it is poised to capitalize on this network with the inflated dollars of tomorrow. In essence, we believe we hold wonderful businesses with growing revenue streams and potential for operating leverage – all at reasonable valuations.”