5 Best Software Infrastructure Stocks to Buy

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

Number of Hedge Fund Holders: 243

Amazon.com, Inc. (NASDAQ:AMZN) dominates the Cloud markets. It provides software infrastructure solutions and services to small and large businesses. In the first quarter Amazon Web Services revenue jumped 16% on a YoY basis to $21.4 billion. While the growth was slower when compared to the previous quarter, Amazon.com, Inc. (NASDAQ:AMZN) is hopeful it will get back on its fast growth trajectory once the global macroeconomic condition improves.

Amazon.com, Inc. (NASDAQ:AMZN) recently announced that it plans to invest a massive $12.7 billion in cloud infrastructure in India.

As of the end of the first quarter of 2023, 243 hedge funds had stakes in Amazon.com, Inc. (NASDAQ:AMZN). The biggest stakeholder of Amazon.com, Inc. (NASDAQ:AMZN) was Natixis Global Asset Management’s Harris Associates which owns a $2 billion stake in the company.

Arch Capital made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q1 2023 investor letter:

“Replacing our Wix investment is Amazon.com, Inc. (NASDAQ:AMZN), a company we are sure you have heard of before. We believe the company’s long-term growth runway, profit potential, and competitive advantages were being vastly underrated in early January when its market cap was well below $1 trillion. We think early January was one of those rare times you could buy a special business like Amazon at a discounted valuation. Our hope is that – if we are right about its competitive advantages in retail and cloud computing – our Amazon stake will end up being a permanent holding in the limited partnership.”