Is Amazon.com Inc. (AMZN) One of the Best Stocks to Invest in, According to Billionaire D.E. Shaw

Amazon.com Inc. (NASDAQ:AMZN) is one of the best stocks to invest in, according to billionaire D.E. Shaw. On October 31, Oppenheimer increased its price target for Amazon.com Inc. (NASDAQ:AMZN) from $245 to $290, maintaining its Outperform rating after the company’s latest quarterly results. The firm highlighted Amazon Web Services (AWS) as a key driver.

Is Amazon.com Inc. (AMZN) One of the Best Stocks to Invest in, According to Billionaire D.E. Shaw

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Oppenheimer also noted a more optimistic tone around AWS, with much of the earnings call centered on cloud services, artificial intelligence, and chip development. The upbeat commentary suggests growing confidence in Amazon’s long-term tech strategy.

On October 30, Amazon reported better-than-expected earnings, driven by strong growth in its cloud business and rising demand for AI services. Earnings per share came in at $1.95, beating the $1.56 estimate. Revenue grew 13% to $180.2 billion, topping forecasts. AWS sales rose 20% to $33 billion, marking its fastest growth since 2022, helped by increased AI usage. Last quarter, AWS grew 17.5%, which had disappointed some investors.

Amazon.com Inc. (NASDAQ:AMZN) is a multinational technology company with a diversified business model that spans e-commerce, cloud computing, digital streaming, and artificial intelligence.  It’s also involved in healthcare through Amazon One Medical, which offers both virtual and in-person primary care memberships and a pay-per-visit telehealth model.

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 this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.