From Yahoo Finance: 2024-05-26 16:13:47

Amazon.com Inc (NASDAQ:AMZN) ranks 2nd on the list of Top 10 AI Stocks for 2024 according to billionaire David Tepper. Tepper returned 20% last year, with $690 million stake in Amazon. His investing strategy includes a bet on Chinese stocks amid predictions of a rebound in the Chinese economy. Tepper’s insights on AI stocks have yielded impressive returns.

With a total of 302 hedge funds owning stakes in Amazon.com Inc (NASDAQ:AMZN), the company saw increased hedge fund sentiment in Q1 of 2024. Vulcan Value Partners noted Amazon’s dominance in ecommerce, digital advertising growth, and cloud transition. Tepper’s stake in Amazon reflects confidence in the company’s strong results and strategic efforts to reduce costs.

Amazon Web Services’ AI capabilities have positioned Amazon.com Inc (NASDAQ:AMZN) as an industry powerhouse. The company reported strong results in Q1 of 2024, with narrowed losses in core retail business and reduced cost-to-serve metrics. Tepper’s ranking of Amazon as 2nd in his top AI stock picks for 2024 underscores the company’s growth potential in AI-driven sectors.



Read more at Yahoo Finance: Is Amazon.com Inc (AMZN) Billionaire David Tepper’s Top AI Stock Pick for 2024?