5 Best AI and Technology Stocks to Buy Now

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1. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 353

Amazon.com, Inc. (NASDAQ:AMZN) is one of the Best AI and Technology Stocks to Buy Now. On June 18, Bloomberg reported that the company plans to sell its custom-made AI chips for use in other companies’ data centers.

This is a critical expansion of its efforts to cut into AI-giant Nvidia’s dominance. Peter DeSantis, Amazon.com, Inc. (NASDAQ:AMZN)’s AI chief, noted that the AI infrastructure continues to evolve, and the company’s focus remains on bringing more customers.

Notably, Amazon’s AI accelerator, Trainium, has few marquee buyers to its credit. These include OpenAI, Anthropic PBC, and Uber Technologies Inc., which access the hardware through AWS.

In a different update, it was announced that Amazon.com, Inc. (NASDAQ:AMZN)’s Alexa and ThunderSoft collaborated to bring intelligent voice AI as well as agentic capabilities to more automotive OEMs.

Amazon.com, Inc. (NASDAQ:AMZN) and several other cloud computing giants have started developing their own alternatives to Nvidia’s popular GPUs. Furthermore, they ramped up such efforts post the arrival of ChatGPT.

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 FMCG Stocks to Invest In According to Analysts and 11 Best Long-Term Tech Stocks to Buy According to Analysts.

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