Jorge Paulo Lemann’s Hedge Fund 3G Is Betting On These 5 Stocks

3. Amazon.com Inc (NASDAQ:AMZN)

Number of Hedge Fund Investors: 293

3G Capital’s Q4 2023 Investment Value: $20.51 million

Based in Washington, Amazon.com, Inc. (NASDAQ:AMZN) is renowned for its expertise in e-commerce, AI, cloud computing, and online advertising, among other sectors.

Insider Monkey’s database, which monitors 933 elite hedge funds, reveals a positive sentiment towards Amazon.com, Inc. (NASDAQ:AMZN) in Q4. The number of hedge funds with investments in the stock rose to 293, up from 286 in the previous quarter.

Alger Spectra Fund stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its fourth quarter 2023 investor letter:

Amazon.com, Inc. (NASDAQ:AMZN) is a well-known online retailer and cloud computing leader. The company’s Amazon Web Services (AWS) business provides utility-scale cloud offerings that facilitate corporate America’s transition to digital systems. During the quarter, shares contributed to performance as Amazon reported strong fiscal third quarter results, where the company beat sales and earnings estimates. Moreover, AWS growth remained steady. contributing to Amazon’s better-than-expected operating income despite concerns around cloud cost optimizations, showing signs of increasing net new cloud workloads. While management noted that customers remain price-conscious and focused on deals, demand remains strong across all segments, leading the company to raise their fiscal fourth quarter revenue and operating income guidance.”