Goldman Sachs AI Stocks: Top 5 Stock Picks

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

Goldman Sachs’ Q2 Stake Value: $6.7 billion

Number of Hedge Fund Holders: 278

Amazon.com, Inc. (NASDAQ:AMZN) is a broad-line retail and e-commerce company. It is incorporating AI in its Amazon Web Services businesses and has plans to start producing its own AI chips.

In total, 278 hedge funds were long Amazon.com, Inc. (NASDAQ:AMZN) in the second quarter, with a total stake value of $34.9 billion.

On August 23, Rob Sanderson at Loop Capital maintained a Buy rating and a $200 price target on Amazon.com, Inc. (NASDAQ:AMZN).

This is what Mairs & Power said about Amazon.com, Inc. (NASDAQ:AMZN) in its second-quarter 2023 investor letter:

“Regarding stock selection in the first half, Nvidia (NVDA) was a massive outperformer, up 189.54%. Amazon.com, Inc. (NASDAQ:AMZN) and Microsoft were also positive contributors, up 55.19% and 42.66%, respectively. All three stocks benefited from a renewed interest in growth stocks by investors in the first half of the year.

Amazon had an impressive first half of the year as well with growth out of its retail segment but slightly slower growth in its cloud business. Customers optimized workloads for existing capacity they were already paying for rather than adding incremental capacity in the current environment. We remain very excited about the opportunity for the company to reduce the labor needs of its retail segment through the use of technology and automation in the future.”

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