We recently compiled a list of the 15 Trending AI Stocks on Latest Ratings and News. In this article, we are going to take a look at where Amazon.com, Inc. (NASDAQ:AMZN) stands against the other AI stocks.
Latest reports indicate that billionaire Masayoshi Son, the founder of Japanese multinational tech firm Softbank, is set to meet Indian Prime Minister Narendra Modi. Per news agency Reuters, the meeting comes as Son eyes more artificial intelligence and technology bets in the third-largest economy in Asia. Reuters further claims that Son already met Mukesh Ambani – the richest man in the South Asian country and the chief of prominent conglomerate Reliance Industries. According to sources quoted by Reuters, the duo discussed potential artificial intelligence opportunities in India. CNBC had earlier reported that Softbank is also exploring an additional $1.5 billion investment in AI startup OpenAI.
Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.
Meanwhile, another billionaire on the other side of the world is mulling further investments in AI as well. Per a report by news publication The Wall Street Journal, xAI, the AI startup of billionaire Elon Musk, is considering the release of a standalone consumer application that follows the success of ChatGPT by OpenAI. The xAI application would be powered by the Grok bot that the startup is marketing. The app will likely arrive after xAI closes its next funding round, which could reach $5 billion and value the company at $50 billion, per the Financial Times. If successful in raising this amount, xAI would take total raised funding to $11 billion.
Read more about these developments by accessing 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).
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Number of Hedge Fund Holders: 286
Amazon.com, Inc. (NASDAQ:AMZN) operates as a technology conglomerate with core interests in the ecommerce business. On November 27, India-based information technology company Tech Mahindra announced that it had signed a multi-year Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) to develop an Autonomous Networks Operations Platform designed for Communication Service Providers (CSPs) and enterprise customers. Per the infotech firm, the platform would be built on artificial intelligence, machine learning, and generative AI services powered by AWS.
Overall AMZN ranks 1st on our list of the trending AI stocks on latest ratings and news. 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 timeframe. 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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