5 Quantum Computing Stocks Billionaires Are Piling Into

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

Number of Hedge Fund Holders: 286

Number of Billionaire Investors: 33

Amazon.com, Inc. (NASDAQ:AMZN), a prominent American multinational technology company, is engaged in various business sectors, including e-commerce, cloud computing through Amazon Web Services (AWS), online advertising, digital streaming, and artificial intelligence. The company’s Amazon Braket is a comprehensive quantum computing service that is fully managed, aiming to accelerate scientific research and software development within the quantum computing realm. This service grants AWS customers access to various quantum computing technologies offered by multiple providers. These technologies include superconducting, trapped ion, neutral-atom, and photonic quantum computers, and the providers encompass IonQ, OQC, QuEra, and Rigetti.

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 emphasized that Amazon’s potential in the cloud computing space surpasses its strong customer loyalty in e-commerce. HSBC also highlighted Amazon Web Services (AWS) as one of the most compelling narratives in the technology sector. Additionally, the firm stated 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 286 elite hedge funds held positions in Amazon.com, Inc. (NASDAQ:AMZN) stock, with a collective stake value of $38.8 billion. This represents an increase from the 278 hedge funds that collectively held a stake valued at $34.9 billion previously. Notably, Ken Fisher’s Fisher Asset Management emerged as the most significant stakeholder in the company, with 41.35 million shares valued at $5.25 billion.