We recently published a list of Wall Street’s Top 10 AI Stocks to Watch Right Now. In this article, we are going to take a look at where Amazon.com, Inc. (NASDAQ:AMZN) stands against other Wall Street’s top AI stocks to watch right now.
According to a spokesperson for China’s parliament, DeepSeek’s progress is a reflection of the rise of Chinese companies in artificial intelligence (AI). Lou Qinjian, responding to a question on China’s progress in AI, has deemed DeepSeek’s achievement as “commendable”, Reuters reported.
“DeepSeek adheres to an open-source approach and promotes the widespread application of AI technology globally which contributes Chinese wisdom to the world. Through the rise of companies like DeepSeek, we can see the innovation and inclusiveness of China’s technological development.”
– Lou Qinjian.
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Indeed, DeepSeek has sparked a state of unrest in the tech world ever since its arrival. Using distillation to achieve cheaper and more efficient AI models, this AI startup has ignited a fierce race in the artificial intelligence world ever since the birth of ChatGPT.
Such has been the intensity of competition that in recent news, it has come to light how Tencent Holdings has displaced DeepSeek as the most downloaded free app in China’s iOS App Store. Tencent’s Yuanbao has taken the top spot in the free app list on Monday, with DeepSeek in second place and ByteDance’s Doubao in fourth, the South China Morning Post noted.
Launched in May last year, Yuanbao gained popularity after Tencent’s move to integrate DeepSeek’s R1 reasoning model in February, providing users with an alternative to the tech giants’ Hunyuan model.
Developments like these illustrate how intense the global race in artificial intelligence is becoming. In this regard, China’s ambassador to the United States Xie Feng has even called for closer cooperation on artificial intelligence. According to him, the technology risks are “opening a Pandora’s box”.
“As the new round of scientific and technological revolution and industrial transformation is unfolding, what we need is not a technological blockade, [but] ‘deep seeking’ for human progress.”
-Xie said, making a pun on China’s star AI start-up DeepSeek.
For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds. The hedge fund data is as of Q4 2024.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
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Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 339
Amazon.com, Inc. (NASDAQ:AMZN) is an American technology company offering e-commerce, cloud computing, and other services, including digital streaming and artificial intelligence solutions. On March 3rd, the company announced that patients at NYU Langone Health facilities will be able to confirm their identity at check-in using Amazon One, a contactless service that uses a palm scan to securely and quickly authenticate identity, starting next week.
This will be the largest Amazon One third-party deployment to date as well as the first Amazon One deployment in a health care setting. Amazon One’s palm scanning technology employs advanced artificial intelligence and machine learning to create a unique palm signature for identity and authentication. It has a 99.9999% accuracy rate and recognition time of less than one second. According to NYU Langone, the technology will help to accelerate sign-ins, relieve administrative strain on staff, and reduce errors and wait times.
“Health care is deeply personal and often stressful. With Amazon One, we’ve created a palm recognition system that respects privacy while making check-ins simpler when patients have more important things on their minds. It’s meaningful to see our technology make a real difference in people’s daily lives and provide a more frictionless health care journey without ever compromising on security or patient trust.”
-Colleen Aubrey, SVP of AWS Solutions.
Overall, AMZN ranks 1st on our list of Wall Street’s top AI stocks to watch right now. While we acknowledge the potential of AMZN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AMZN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
