5 Generative AI Stocks To Watch Amidst Copyright Concerns

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

Number of Hedge Fund Holders: 243

Upside Potential: 11.20%

Average Analyst Price Target: $141.37

Amazon.com, Inc. (NASDAQ:AMZN) had 243 hedge funds long its stock during the first quarter, with a total stake value of $25.8 billion.

DBS Bank analyst Sachin Mittal initiated coverage on Amazon.com, Inc. (NASDAQ:AMZN) shares with a Buy rating on July 7, alongside a $150 price target.

Amazon.com, Inc. (NASDAQ:AMZN) has also joined the generative AI race by launching two AI language models on Amazon Web Services, which will allow customers to build their own AI bots.

Here’s what ClearBridge Investments said about Amazon.com, Inc. (NASDAQ:AMZN) in its second-quarter 2023 investor letter:

“2023 has so far marked a return to mega cap leadership, with Apple, Microsoft, Alphabet, Amazon.com, Inc. (NASDAQ:AMZN) and Nvidia accounting for approximately two thirds of the benchmark return. At 41.3%, the five largest stocks in the market represent the highest concentration in the 26-year history of the Russell 1000 Growth Index. Among these names, we maintain overweights to Nvidia (+246 bps) and Amazon (+117 bps), underweights to Microsoft (-353 bps) and Apple.

The Strategy’s IT holdings also drove performance in the second quarter, led by the continued rerating of graphics chipmaker Nvidia as a key beneficiary of the generative AI boom. AI-connected holdings Microsoft and Amazon also delivered strong gains.”

Follow Amazon Com Inc (NASDAQ:AMZN)