From Nasdaq: 2024-04-03 05:35:00

Chipmaker Nvidia (NASDAQ: NVDA) has seen its stock soar 517% since the beginning of 2023, driven by interest in AI. Billionaire hedge fund managers Israel Englander, Steven Cohen, and David Tepper sold down their positions in Nvidia but bought shares of Amazon (NASDAQ: AMZN) and HubSpot (NYSE: HUBS) as they lean into AI product development.

Amazon is leveraging AI technology in e-commerce, digital advertising, and cloud computing markets to drive growth. AWS, its cloud platform, has introduced new products like Bedrock and Amazon Q, focusing on generative AI applications. Amazon reported strong financial results, and analysts project double-digit sales growth through the end of the decade.

HubSpot specializes in CRM software and is rolling out AI capabilities like predictive sales and generative marketing content. The company surpassed expectations in the fourth quarter, with a rising customer count and revenue. Wall Street expects HubSpot to grow sales at 17% annually over the next five years, making it a strong growth stock for investors to consider buying.



Read more at Nasdaq: Forget Nvidia: Billionaires Are Selling It and Buying 2 Top Artificial Intelligence (AI) Stocks Instead