From Nasdaq: 2024-05-03 05:12:00

Nvidia continues to dominate the AI semiconductor market with over 80% market share, leading to a 239% increase in shares in 2023. However, hedge fund billionaires reduced their Nvidia holdings in the fourth quarter in favor of AI stocks like Palantir and Amazon, which have surged 191% and 77% respectively in the past year.

Palantir Technologies specializes in data analytics and AI software. Industry analysts have praised its Foundry software, ranked the best AI/ML platform by Forrester Research. Palantir reported strong financial results in the fourth quarter, with revenue up 20% to $608 million. Despite a high valuation of 22.8 times sales, analysts expect 21% annual sales growth.

Amazon thrives in e-commerce, digital advertising, and cloud computing markets. AWS accounted for 31% of cloud infrastructure spending in the first quarter. The company unveiled AI products Amazon Bedrock and Amazon Q to reclaim lost market share. Amazon exceeded Wall Street’s expectations with a 13% revenue increase in the first quarter.

Investors considering Palantir Technologies should note that the Motley Fool Stock Advisor service did not select it as one of the top 10 stocks to buy now. However, with strong financial results and positive analyst forecasts, Palantir remains a contender for investment. Amazon’s strong presence in key markets and solid financial performance make it a reliable investment choice.



Read more at Nasdaq: Billionaires Are Selling Nvidia Stock and Buying 2 Red-Hot Artificial Intelligence (AI) Stocks Instead