5 Most Advanced AI Companies

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

Number of Hedge Fund Holders: 243

Amazon.com, Inc. (NASDAQ:AMZN) is based in Seattle, Washington. The company has been making moves in the AI sector through its Amazon Web Services cloud business, which is now offering a complete set of AI and machine learning services. It is also working on developing its own AI chips.

Amazon.com, Inc. (NASDAQ:AMZN) was seen in the portfolios of 243 hedge funds in the first quarter, with a total stake value of $25.8 billion.

A Market Outperform rating was reiterated on Amazon.com, Inc. (NASDAQ:AMZN) shares by Nicholas Jones at JMP Securities on July 18, alongside a $140 price target.

This is what The Ithaka Group said about Amazon.com, Inc. (NASDAQ:AMZN) in its second-quarter 2023 investor letter:

“Founded in 1994, Amazon.com, Inc. (NASDAQ:AMZN) has evolved from its early roots as an online bookstore to become one of the world’s largest eCommerce retailers. At the end of 2022 Amazon stood poised to capture ~40% of all US e-commerce sales, representing five times more share than the next closest competitor. In addition to eCommerce, Amazon Web Services (“AWS”) has become the market leader in outsourced cloud infrastructure. Further, Amazon Advertising is garnering significant share in digital advertising, particularly product placement ads, thanks to consumers beginning their product searches on Amazon’s site. Despite providing tepid forward guidance on its 1Q23 earnings call, Amazon’s stock appreciated on the back of increased confidence the company would be able to contain expenses and push operating margins above prior peaks in the near-to medium term.”

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