We recently published a list of 15 AI News Updates Taking Wall Street By Storm. In this article, we are going to take a look at where Amazon.com, Inc. (NASDAQ:AMZN) stands against other AI news updates taking Wall Street by storm.
xAI, the AI startup owned by Elon Musk, is raising more than $6 billion at a $50 billion valuation, per a report by news platform CNBC. The bulk of this money, nearly $5 billion, will be raised through sovereign funds in the Middle East. The funding will be used to purchase 100,000 NVIDIA chips, according to the news outlet. xAI plans to build a supercomputer with these chips. This supercomputer would then be integrated with other Musk companies, most notably Tesla, as plans to improve Full Self Driving continue at a rapid pace.
Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.
CNBC claims that the billionaire has started working closely with Donald Trump, the president-elect, on the approach of the new White House administration to AI and tech more broadly. Trump plans on rebranding the CHIPS Act and repealing the Executive Order on AI, two major AI initiatives of US President Joe Biden. The technology world has been dealing with the impact of a change in the US presidency, as Trump is widely expected to increase tariffs on firms doing business with China. He is also expected to urge tech firms in the country to relocate manufacturing operations from overseas to the US.
READ ALSO: 30 Most Important AI Stocks According to BlackRock and Beyond the Tech Giants: 35 Non-Tech AI Opportunities.
For this article, we selected AI stocks by combing 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).
A customer entering an internet retail store, illustrating the convenience of online shopping.
Market Capitalization: $2.1 Trillion
Amazon.com, Inc. (NASDAQ:AMZN) operates as a technology conglomerate with core interests in the ecommerce business. The company recently launched new AI features for the Amazon Fire tablets. The features were included in the latest update for the Fire HD 8, Fire HD 8 Plus, Fire HD 10, and Fire HD Max 11. One of the notable new AI features is the writing assistant, which works as part of the device keyboard and is compatible with any app on your Fire tablet, including e-mail, Word documents, and social media. Other new features include Webpage Summaries and Wallpaper Creator.
Overall, AMZN ranks 4th on our list of AI news updates 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.
READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.
Disclosure: None. This article is originally published at Insider Monkey.
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