5 Reddit Stocks with Biggest Upside

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

Number of Hedge Fund Holders: 278

Amazon.com, Inc. (NASDAQ:AMZN) is one of the best Reddit stocks with huge upside potential. Recently, Needham Securities called Amazon.com, Inc. (NASDAQ:AMZN) one of the top beneficiaries of the generative AI boom. AI developers are expected to turn to AWS services and applications that are offered for development and deployment of AI applications.

Amazon.com, Inc. (NASDAQ:AMZN) is one of the most popular stocks among the elite hedge funds tracked by Insider Monkey. As of the end of the second quarter of 2023, 278 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.

Diamond Hill Large Cap Strategy made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q2 2023 investor letter:

“Among our top contributors were insurance company American International Group (AIG), auto retailer CarMax and global online retailer Amazon.com, Inc. (NASDAQ:AMZN).

Amazon’s management team has been working to improve retail profitability, and Q1 results showed progress. In the case of Amazon’s web services (AWS), the market has shifted its focus from where growth will bottom in the near term to how AI can help accelerate the adoption of public cloud services in the future. We believe Amazon’s competitive advantages will continue to grow and that the business has the potential to grow faster than the overall economy in the coming years.”

You can also take a peek at 10 Best Blockchain and Bitcoin ETFs and 10 Small Cap Growth ETFs.

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