Top 10 AI Stocks Trending On Wall Street

2. 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 4^th, Citi reiterated the stock as “Buy”, stating that it is bullish on Amazon ahead of earnings later this week. Amazon is expected to exceed consensus estimates due to its robust holiday sales, positive online advertising climate, and increasing demand for cloud services. Concerning the projection for Amazon Web Services, AWS is expected to grow 19% year-over-year particularly due to spending improvements led by generative AI. Additionally, the holiday e-commerce segment is also expected to do well based on quicker shipping times and improved conversion rates. Other factors complementing this boost are higher margins, improved retail conversion, and growing AWS demand despite currency exchange challenges.

“Amazon reports 4Q24 results on Thursday, 02/06 AMC [after market close], and given solid holiday sales, a healthy online advertising environment, and improving cloud demand, we believe results are likely to come in better than consensus expectations.”