5 Stocks That Will Make You Rich in 2023

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

Number of Hedge Fund Holders: 243

Amazon.com, Inc. (NASDAQ:AMZN) would benefit from the AI revolution in a variety of ways. Amazon.com, Inc. (NASDAQ:AMZN)’s AWS business offers various technologies that help companies take advantage of the true powers of generative AI. Bank of America recently shared its list of top growth and value picks for July. Amazon.com, Inc. (NASDAQ:AMZN) made it to the growth picks list.

Last month Amazon.com, Inc. (NASDAQ:AMZN) shares gained after Loop Capital analyst Rob Sanderson said he expects the slowdown of AWS to “bottom in the next 2-quarters.” The analyst said that generative AI will accelerate the recovery of AWS.

AWS recently revealed that it will invest $100 million in AWS Generative AI Innovation Center, a new program to help customers build and deploy generative artificial intelligence solutions.

Alphyn Capital Management made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its second quarter 2023 investor letter:

“In my 2002 Q4 letter, I outlined quantitative reasoning for why I believe the company’s financials mask its true earnings power. More qualitatively, Amazon.com, Inc. (NASDAQ:AMZN) continues to make strategic strides that enhance its appeal as an investment. Firstly, Amazon’s willingness to streamline costs and shutter underperforming initiatives demonstrates prudent financial management. The company’s overhaul of its fulfillment network, transitioning from a national to a regional model, will improve efficiency and delivery speed, resulting in lower costs and increased customer satisfaction, both critical drivers of revenue growth. Second, Amazon’s unparalleled scale, leading e-commerce platform position, and technology investments attract advertisers eager to engage with its vast customer base and provide consumers with highly targeted ads. This strategy has propelled Amazon’s advertising business to surpass broader market trends. Finally, Amazon remains a long-term growth entity. With retail, 80% of shopping is still offline, and Amazon has been steadily expanding its business sales (currently at $35 billion) and international presence. With AWS, despite near-term conservative enterprise spending, 90% of global IT spending remains on-premise. With other bets, Amazon has ambitious forays into diverse sectors such as grocery, healthcare, and satellite internet connectivity.”