10 Hot AI Stocks to Keep on Your Radar

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1.  Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 335

Amazon.com, Inc. (NASDAQ:AMZN) is one of the 10 Hot AI Stocks to Keep on Your Radar. On November 24, BNP Paribas Exane initiated coverage on the stock with an Outperform rating and a $320.00 price target.

The firm believes that AMZN enjoys strong leadership in cloud, ecommerce, and ad growth; and that AI underinvestment concerns are overblown.

Amazon is well positioned to maintain its leadership across cloud computing and e-commerce sectors, and  it holds significant growth potential in advertising. Besides these tailwinds, the firm also noted how underinvestment concerns for Amazon in artificial intelligence are overblown.

“We see concerns around underinvestment in AI as overblown, given the company’s ongoing buildout of AI infrastructure, model integration across AWS, and deployment within its consumer ecosystem. We are initiating coverage of Amazon with an Outperform rating and a $320 TP.”

Overall, the firm believes Amazon is the most robust business within its e-commerce coverage characterized by several levers for growth e.g. retail, AWS, ads.

Amazon.com Inc. (AMZN) is an American technology company offering e-commerce, cloud computing, and other services, including digital streaming and artificial intelligence solutions.

While we acknowledge the potential of AMZN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AMZN and that has 100x upside potential, check out our report about this cheapest AI stock.

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