5 Best Cloud Computing Stocks to Buy According to Hedge Funds

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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 Cloud Computing Stocks to Buy According to Hedge Funds. On June 22, ArcelorMittal announced a strategic collaboration with Amazon.com, Inc. (NASDAQ:AMZN)’s Amazon Web Services (AWS), which can help accelerate the industrial automation throughout the global operations via advanced cloud, AI, and edge technologies. This brings AWS cloud and AI capabilities directly to ArcelorMittal’s manufacturing processes, and offers several opportunities for further optimisation.

Apart from the cloud and AI collaboration, Amazon.com, Inc. (NASDAQ:AMZN) entered into a multi-year Supply Framework Agreement with ArcelorMittal, focusing on supplying structural steel throughout Europe and the United Kingdom. ArcelorMittal would be supplying lower-carbon XCarb® steel for use in Amazon operations facilities as well as AWS data centres. This will help Amazon.com, Inc. (NASDAQ:AMZN)’s target to reach net-zero carbon by 2040. This agreement demonstrates the shared ambition of both companies to advance decarbonization of construction at scale.

Amazon.com Inc. (NASDAQ:AMZN) operates across e-commerce, digital content, advertising, and cloud computing. Its online and offline stores offer both in-house and third-party products, while its Amazon Web Services (AWS) division runs one of the world’s largest data center networks.

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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