12 Best Fortune 500 Stocks to Buy According to Billionaires

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1. Amazon.com Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 328

Dollar Value of Billionaire Holdings: $33 billion

Number of Billionaire Investors: 40

Amazon.com Inc. (NASDAQ:AMZN) is one of the best Fortune 500 stocks to buy according to billionaires. On June 20, Bloomberg reported that Amazon is discontinuing its experiment with same-day deliveries using Kia Soul vehicles, opting instead to rely on its existing network of gig-economy workers, primarily through the Amazon Flex program.

The trial began rolling out in 2023 and involved Amazon contract delivery firms, known as Delivery Service Partners (DSPs), deploying drivers in four- or five-hour shifts using rented Kia Corp. hatchbacks in several US states, like Florida, Illinois, Massachusetts, Ohio, Texas, and Washington. The objective of the Kia Soul program was to give Amazon more control over deliveries and potentially reduce its dependence on Amazon Flex drivers who utilize their own cars.

However, Amazon spokesperson Steve Kelly confirmed that after more than a year of gathering feedback from customers, DSPs, and teams at Same-Day Delivery facilities, the DSP model was determined not to be the right fit for Same-Day Delivery. The program will be phased out over the next few months, and the rental vehicles will be returned to their vendors. Amazon has stated it will support affected DSPs in operating other Amazon routes and assist drivers in finding jobs with other firms if needed.

Amazon.com Inc. (NASDAQ:AMZN) engages in the retail sale of consumer products, advertising, and subscription services through online and physical stores through three segments: North America, International, and Amazon Web Services/AWS.

While we acknowledge the potential of AMZN to grow, 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.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None.

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