Hedge fund managers favored Amazon in January, as it ranked as the most owned large-cap stock. Microsoft and Nvidia followed closely behind in the list of top stocks held. Amazon’s valuation remains reasonable despite concerns over high capital expenditures.

Institutional investors are capitalizing on tech stock sell-offs, with Amazon down nearly 20% from its highs. Wall Street analysts view Amazon, Microsoft, and Nvidia as strong buys, with positive outlooks for future earnings and growth potential.

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Read more at Nasdaq: Here’s the 1 Stock Hedge Funds Are Buying Hand Over Fist