5 AI Stocks on Wall Street’s Radar: Datadog, Microsoft, and More

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

Number of Hedge Fund Holders: 353

Amazon.com, Inc. (NASDAQ:AMZN) is a top AI stock on Wall Street’s radar. On July 2, Bloomberg reported Amazon.com, Inc. (NASDAQ:AMZN) has enough satellites in orbit to start rolling out its broadband service, Amazon Leo.

The company has more than 390 satellites deployed and has completed enough launches for the initial service. The push follows the Atlas V rocket, carrying the latest batch of Amazon Leo Satellites, as it takes off from Cape Canaveral Space Force Station in Florida.

Meanwhile, Amazon has confirmed it’s working on its own artificial intelligence chips for Echo, Fire TV, and future devices. According to Panos Panay, the head of devices and services at Amazon, the focus on custom chips is part of a broader push to improve AI on devices. The company has already unveiled the AZ3 and AZ3 Pro chips, designed to run AI models on devices rather than in the cloud. It joins the likes of Apple, which designs its own chips to gain more control over hardware and software integration.

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 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 the cheapest AI stock.

READ NEXT: 10 Best Dividend Stocks Yielding at Least 5% to Buy According to Hedge Funds and Top 10 Stocks to Buy According to Ariel Investments.

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