10 Best Stocks to Buy According to Billionaire Richard Chilton

8. Amazon.com, Inc. (NASDAQ:AMZN)

Chilton Investments’ Stake: $156 million 

eCommerce giant Amazon.com, Inc. (NASDAQ:AMZN)’s shares are up by a modest 4.5% over the past year and are flat year-to-date. As reported by Investing.com, Bank of America discussed the shares on June 18th. It kept a Buy rating and a $310 share price target. BofA discussed Amazon.com, Inc. (NASDAQ:AMZN)’s Prime Day event as part of its coverage and commented that it expected Gross Merchandise Value to grow by 4.5% annually and sit at $11.6 billion. The bank added that third-party GMV should grow by 5% to $11 billion.

As Prime Day unfolded, Bloomberg was out with some fresh stats. The publication reported that first-day spending at all retailers was $8.3 billion, which exceeded Adobe Analytics’ estimates of $7.9 billion and set a new record. Amazon.com, Inc. (NASDAQ:AMZN) is currently trading at a forward P/E multiple of 31.15, which is higher than the S&P 500’s 21.

Amazon.com, Inc. (NASDAQ:AMZN)’s cloud computing business is also focusing on custom AI chips to lessen dependence on NVIDIA’s products. CNBC’s Jim Cramer discussed the strategy in a recent appearance:

“Google and Amazon announce once again that they have competitive chips to Nvidia and they are going to sell them to others…. How many times have they done that? Benchmarks? Clients?”