5 Best 5G Stocks To Buy Now

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

Number of Hedge Fund Holders: 240

Amazon.com, Inc. (NASDAQ:AMZN) has been investing in 5G technology, particularly for its cloud computing business. In December 2020, the company launched AWS Wavelength, a service that allows developers to build applications that can take advantage of 5G networks. This service is designed to provide low-latency connectivity between AWS compute and storage services and 5G devices. Amazon.com, Inc. (NASDAQ:AMZN) is one of the best 5G plays to consider. 

On March 21, Citi analyst Ronald Josey reiterated a Buy rating on Amazon.com, Inc. (NASDAQ:AMZN) with a $145 price target. The company has announced its intention to cut 9,000 more positions, making it a total of 27,000 positions eliminated since November. This represents 8% of Amazon.com, Inc. (NASDAQ:AMZN)’s corporate headcount. The restructuring at Amazon Web Services indicates a possible decline in demand. However, it also helps to stabilize margins, which supports the idea of Amazon becoming more profitable, especially in the North American Retail sector, the analyst wrote in a research note. 

According to Insider Monkey’s fourth quarter database, 240 hedge funds were bullish on Amazon.com, Inc. (NASDAQ:AMZN), compared to 269 funds in the prior quarter. Harris Associates is a prominent stakeholder of the company, with 19.3 million shares worth $1.6 billion. 

Artisan Global Opportunities Fund made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q4 2022 investor letter:

“Amazon.com, Inc. (NASDAQ:AMZN) is the world’s largest retailer. The company has gone through a period of massive investment as it doubled its fulfillment network and hired over 800,000 people to meet growing demand over the past few years. Capital expenditure (capex) in the 2017 to 2019 period was $10 billion – $17 billion per year before ramping up to $40 billion in 2020, $61 billion in 2021 and is expected to end 2022 at another $61 billion. We believe the company is in the later innings of this capex cycle and will be transitioning toward a period of harvesting those investments through higher margins and free cash flow generation. At a valuation that appears to be discounting a deteriorating environment for consumer spending, we decided to start a GardenSM position.”