12 AI Stocks That Will Skyrocket

10. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holdings: 381

Retail and cloud computing giant Amazon.com, Inc. (NASDAQ:AMZN) made a major announcement on February 27th when it announced a strategic partnership with OpenAI. Through the partnership, the pair will create a runtime environment using OpenAI technologies to allow users of Amazon.com, Inc. (NASDAQ:AMZN)’s Amazon Web Services (AWS) Bedrock platform to build generative artificial intelligence applications. Additionally, OpenAI will also use Amazon.com, Inc. (NASDAQ:AMZN)’s Trainium AI chips for its workloads, while the latter will invest $50 million in the AI company.

A day later, financial firm TD Cowen discussed Amazon.com, Inc. (NASDAQ:AMZN)’s shares. It reiterated a Buy rating and a $300 share price target and commented that the deal was a positive development for Amazon. Banking giant Wells Fargo lowered Amazon.com, Inc. (NASDAQ:AMZN)’s share price target on February 23rd. It trimmed the target to $304 from $305 and kept an Overweight rating. According to the bank, compute capacity remains a key metric to watch in the AI industry.

Amazon.com, Inc. (NASDAQ:AMZN) is one of the largest technology companies in the world. It has a commanding presence in the eCommerce and cloud computing industries.