30 AI News Investors Should Not Miss

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

Number of Hedge Fund Holders: 308   

Amazon.com, Inc. (NASDAQ:AMZN) operates as a technology conglomerate with core interests in the ecommerce business. Investment advisory Bernstein recently referenced the company in an investor note detailing that AI infrastructure spending by tech giants is expected to reach a combined total of $160 billion in 2024. The note was released as the advisory sought to clarify that training AI models required higher budget allocations as opposed to inferencing. According to an analysis by Bernstein, inference only accounted for 5% of AI infrastructure spending. Bernstein referenced ChatGPT by OpenAI as an example, noting that GPT-2 was trained on a cluster of chips costing about $3 million, while GPT-3 required about $30 million worth of hardware to train. GPT-4 was then trained on 25,000 A100s, which cost about $300 million.

While we acknowledge the potential of Amazon.com, Inc. (NASDAQ:AMZN) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than Amazon.com, Inc. (NASDAQ:AMZN) but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.

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