1.Amazon.com, Inc. (NASDAQ:AMZN)
Potential Upside: 15.15%
Number of Hedge Fund Holders: 381
Amazon.com, Inc. (NASDAQ:AMZN) is one of the best American AI stocks to buy now. On May 5, Amazon announced that its Amazon Business platform now offers same-day delivery of fresh, perishable groceries to business customers across the country, with the service available in more than 2,300 cities and towns across the U.S.
Amazon said the new service follows a strong customer response to Amazon’s consumer fresh grocery delivery. Amazon Business Vice President Shelley Salomon said the company is continuously innovating to make business buying simpler, faster, and more cost-effective for customers. She added:
“Our customers have been asking for an easier way to order fresh groceries alongside the everyday business essentials they rely on to run their operations. By adding fresh groceries to the already expansive selection Amazon Business offers, organizations can now combine items like copy paper and printer ink with milk, fruit, and other breakroom staples—check out with a single cart, and have everything delivered to their workplace within hours.”
On May 4, Amazon announced the launch of Amazon Supply Chain Services (ASCS), which extends its portfolio of freight, distribution, fulfillment, and parcel shipping solutions to businesses of all types and sizes.
According to 73 analyst ratings compiled by CNN, 92% rated the stock Buy, while 8% rated it Hold. The average price target for Amazon is $315, representing a 15.15% upside from the current price of $273.55.
Amazon.com, Inc. (NASDAQ:AMZN) is a global technology company operating through multiple interconnected business units. While well-known as an online retailer, it is also a major player in cloud computing, digital streaming, and artificial intelligence.
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 Data Center Stocks to Buy for the Long Term and 10 Best Small-Cap Biotech Stocks to Buy According to Hedge Funds.
Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.
