5 Most Owned Stocks by Hedge Funds

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

Number of Hedge Fund Holders: 243

Amazon.com, Inc. (NASDAQ:AMZN) is one of the most favored stocks among smart investors. On June 26, Amazon.com, Inc. (NASDAQ:AMZN) unveiled plans to invest approximately $7.8 billion in expanding its AWS data center operations in Ohio. The company aims to finalize the investment by 2030. This funding will not only create job opportunities directly at the data center site but also generate thousands of additional jobs at local businesses involved in the construction, operations, and maintenance of AWS facilities. The increased investment serves to strengthen the enduring collaboration between Amazon.com, Inc. (NASDAQ:AMZN) and the state of Ohio.

According to Insider Monkey’s first quarter database, 243 hedge funds were bullish on Amazon.com, Inc. (NASDAQ:AMZN), compared to 240 funds in the earlier quarter. Harris Associates is a leading stakeholder of the company, with 22.8 million shares worth $2.3 billion. 

ClearBridge Large Cap Growth Strategy made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its second quarter 2023 investor letter:

“2023 has so far marked a return to mega cap leadership, with Apple, Microsoft, Alphabet, Amazon.com, Inc. (NASDAQ:AMZN) and Nvidia accounting for approximately two thirds of the benchmark return. At 41.3%, the five largest stocks in the market represent the highest concentration in the 26-year history of the Russell 1000 Growth Index. Among these names, we maintain overweights to Nvidia (+246 bps) and Amazon (+117 bps), underweights to Microsoft (-353 bps) and Apple.

The Strategy’s IT holdings also drove performance in the second quarter, led by the continued rerating of graphics chipmaker Nvidia as a key beneficiary of the generative AI boom. AI-connected holdings Microsoft and Amazon also delivered strong gains.”

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