Goldman Sachs Group Inc.’s latest 13F filing shows the bank raised its stakes in Micron Technology, Inc. (NASDAQ:MU) and Amazon.com, Inc. (NASDAQ:AMZN) during the second quarter of 2026. Goldman added 5.53 million shares of Micron and closed the quarter with 18.1 million shares worth $20.9 billion. In Amazon, Goldman added over 465,000 shares and ended the period with 68.2 million shares worth $16.2 billion.
Goldman is not alone in increasing stakes in these two companies. Insider Monkey tracks the portfolios of billionaire investors, and both stocks gained billionaire backers in the second quarter. Amazon was the most widely held stock in the group, with 62 billionaires, up from 59 billionaires in the first quarter.
Micron climbed to the 10th most popular stock among billionaires, with 41 billionaires holding shares, up from 35 billionaires a quarter earlier.
Zooming In on AMZN
In this article, we will focus on Amazon. Stanley Druckenmiller, Peter Thiel, Seth Klarman, and David Tepper all bought Amazon during the quarter.
Amazon has been seeing strong investor interest because bulls believe the company could be one of the biggest long-term winners from AI, mainly through Amazon Web Services. AWS revenue jumped about 37% year over year in the second quarter.
AI is also increasing demand for Amazon’s own chips, including Trainium and Graviton. Its chip business is already running at roughly a $25 billion annualized revenue rate and growing at triple-digit percentages.
Bulls also argue that Amazon’s huge AI spending could eventually generate substantial cash flow. Management has said servers and networking equipment typically break even in less than three years, while much of its AI capacity is contracted for several years. If AWS keeps growing rapidly while these investments mature, Amazon could see strong earnings and free cash flow growth later in the decade.
Amazon also has other profitable growth businesses. Advertising continues to expand quickly, while improvements in fulfillment, automation and logistics could support higher margins in its retail operations.
Photo by AlphaTradeZone
Bear Case and Risks
The company expects roughly $220 billion of capital expenditures in 2026, and free cash flow has already come under pressure. If AI demand eventually fails to justify that investment, returns on those data centers, servers and chips could disappoint.
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