We recently compiled a list of the Top 12 AI Stocks Taking Wall Street by Storm. In this article, we are going to take a look at where Amazon.com, Inc. (NASDAQ:AMZN) stands against the other AI stocks.
Is heavy regulation the right approach toward artificial intelligence? According to U.S. Vice President JD Vance, not quite. Instead, Vance is convinced that “massive” regulations on artificial intelligence could strangle the technology, rejecting content moderation as “authoritarian censorship”. On a similar note, the US and the UK have declined to sign the final statement of a recently held AI summit that said AI should be inclusive, open, ethical, and safe.
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With the AI arms race in full swing, countries appear to prioritize competition rather than safety and inclusivity. Vance has said that the United States intends to remain the dominant force in AI, strongly opposing the European Union’s strict regulatory approach.
“We believe that excessive regulation of the AI sector could kill a transformative industry. We feel very strongly that AI must remain free from ideological bias and that American AI will not be co-opted into a tool for authoritarian censorship.”
-Vance told the summit of CEOs and heads of state in Paris, as reported by Reuters.
Vance also noted criticizing the “massive regulations” created by the EU’s Digital Services Act as well as Europe’s online privacy rules. According to him, these rules will only translate to endless legal compliance costs for smaller firms.
“Of course, we want to ensure the internet is a safe place, but it is one thing to prevent a predator from preying on a child on the internet, and it is something quite different to prevent a grown man or woman from accessing an opinion that the government thinks is misinformation”.
-Vance.
Judging by these discussions and the news that the UK and US have declined to sign the international AI declaration, UN Secretary-General António Guterres has rightly warned that AI is transforming our world already, but its power rests “in the hands of a few”.
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.
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 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
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Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 286
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 February 12, JFrog Ltd., a software company, announced that it had signed a strategic collaboration agreement (SCA) with Amazon Web Services (AWS). Through this agreement, enterprise customers will be empowered to swiftly migrate workloads to AWS to maximize the value of their cloud-based, software supply chain investments.
Customers will be able to leverage accelerated cloud migration and increased resources through AWS Marketplace procurement. JFrog’s comprehensive DevOps capabilities on AWS have been helping companies such as Fortra, a company offering cybersecurity and automation solutions, to ensure high-performance, secure, and scalable infrastructure management. Consequently, Fortra has been able to focus on innovating without constantly managing the underlying infrastructure.
“We at Fortra have greatly benefited from the implementation of the JFrog Platform on AWS. The seamless integration and robust features of JFrog, combined with the reliable and scalable infrastructure of AWS, have significantly optimized our developer experience. The comprehensive security measures and cloud-native DevSecOps capabilities provided by JFrog ensure our development processes are secure and compliant. Additionally, procuring JFrog through AWS Marketplace has streamlined the acquisition process, allowing us to quickly deploy and manage our solutions with ease. We are excited about the deepening collaboration between JFrog and AWS, and the tremendous value it will bring to customers like Fortra.”
-Jody Dahl, VP of Research and Development, Fortra.
Overall AMZN ranks 1st on our list of the AI stocks that are taking Wall Street by storm. 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.
