5 Best Machine Learning Stocks To Invest In

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

Number of Hedge Fund Holders: 293

Amazon.com, Inc. (NASDAQ:AMZN) offers machine learning-related services and tools through its Amazon Web Services (AWS) division, including Amazon SageMaker, Amazon Bedrock, Amazon SageMaker Ground Truth, and more. Amazon SageMaker is a fully managed machine learning service that developers can use to build, train, and develop machine learning models in a shorter time frame. Additionally, AWS offers a wide range of ML and AI services for developers and data scientists. AWS purpose-built AI services are utilized by developers for vision, documents, and more. AWS offers services with generative AI built in like the Amazon CodeWhisperer which provides developers with code suggestions and recommendations. Among other applications, many of the AWS AI services are used to improve customer experience, decision-making, and business processes.

On April 1, Wells Fargo analyst Ken Gawrelski raised the price target on Amazon.com, Inc. (NASDAQ:AMZN) to $217 from $211 and maintained an Overweight rating. The company was added to the firm’s Q2 Tactical Ideas List as well.

Hedge fund sentiment was quite positive toward Amazon.com, Inc. (NASDAQ:AMZN) in the fourth quarter of 2023 as hedge funds with positions in the stock were 293 in the quarter, with positions worth $50.88 billion. This is compared to 286 funds with positions worth $38.9 billion in the previous quarter. Fisher Asset Management is the top investor in the company as of Q4 of 2023 with a position worth $6.348 billion.

Fred Alger Management mentioned Amazon.com, Inc. (NASDAQ:AMZN) in its fourth quarter 2023 investor letter:

“Amazon.com, Inc. (NASDAQ:AMZN) is a well-known online retailer and cloud computing leader. The company’s Amazon Web Services (AWS) business provides utility-scale cloud offerings that facilitate corporate America’s transition to digital systems. During the quarter, shares contributed to performance as Amazon reported strong fiscal third quarter results, where the company beat sales and earnings estimates. Moreover, AWS growth remained steady. contributing to Amazon’s better-than-expected operating income despite concerns around cloud cost optimizations, showing signs of increasing net new cloud workloads. While management noted that customers remain price-conscious and focused on deals, demand remains strong across all segments, leading the company to raise their fiscal fourth quarter revenue and operating income guidance.”