9 Best Stocks to Buy in 2024 According to Billionaire George Soros

2.  Amazon Com Inc (NASDAQ:AMZN)

Billionaire George Soros’s Q1’2024 Stake Value: $71,341,913

Billionaire Soros’ fund owns a $71 million stake in Amazon as of the end of the first quarter. Amazon.com Inc (NASDAQ:AMZN) is becoming an AI power house thanks to its AWS business, which saw operating margins cross 37% during the first quarter. AWS operating margins have now came in more than 30% for the past five straight quarters. Amazon.com Inc’s (NASDAQ:AMZN) revenue in the first quarter jumped 12.5% YoY and its adjusted EPS more than tripled. Revenue in North America and International segments grew as well. Analysts believe digital ads is another strong revenue stream for Amazon.com Inc (NASDAQ:AMZN), with revenue from the segment increasing 24% YoY to $11.8 billion in the first quarter.

However, Amazon.com Inc (NASDAQ:AMZN) skeptics believe the stock has run too much as its valuation is high. For value-conscious investors the market is indeed teeming with other opportunities. If you are looking for an AI stock that is as promising as AMZN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

Amazon.com Inc (NASDAQ:AMZN) replaced MSFT to take the spot of the most popular stock among the over 900 hedge funds tracked by Insider Monkey. A total of 302 hedge funds reported owning stakes in Amazon.com Inc (NASDAQ:AMZN).