12 Trending AI Stocks on Wall Street

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1.  Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 332

Amazon.com, Inc. (NASDAQ:AMZN) is one of the 12 Trending AI Stocks on Wall Street. On December 8, Citizens reiterated its “Market Outperform” rating on the stock with a price target of $300.00. The firm highlighted Rufus-driven engagement spike on the platform and fee cuts to boost EU fashion seller growth.

Rufus is a generative AI-powered shopping assistant available in the U.S. and parts of Europe within the Amazon Shopping app on mobile and desktop. Based on data from Similarweb, the genAI assistant has been helping drive more successful purchases on Amazon.

Data has revealed that there has been a 75% day-over-day increase for sessions that included Rufus and resulted in a purchase. Meanwhile, those without it resulted in a 35% day-over-day increase for sessions that resulted in a purchase.

Citizens also noted that Amazon will be making cuts on seller referral fees for European sellers in order to encourage more listings from affordable fashion sellers. These changes will take effect December 15.

“Amazon cuts seller referral fees for European sellers by ~2 points for clothes and accessory items up to 15 euros or 15 pounds and 5 points for items between 15 and 20 euros and pounds beginning December 15. As Amazon continues to expand its roster of affordable fashion sellers, we believe that lower fees will encourage more listings on its platform, positioning it to better compete with fast-growing rivals like Shein and Temu.”

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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