Top 5 Stocks to Buy and Hold for the Long Term

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​1. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 353

Amazon.com, Inc. (NASDAQ:AMZN) ranks among our Top Stocks to Buy and Hold for the Long Term. On June 11, the company announced the official availability of Alexa+, which is Amazon’s next-gen AI assistant, for all Canadian customers.

​Management of Amazon.com, Inc. (NASDAQ:AMZN) noted that all Prime members get full access at no extra cost, making it the latest addition to the Prime membership bundle. The assistant is built on a new architecture powered by large language models, which makes it more capable than the original Alexa. Management highlighted that Alexa+ is more conversational, personalized, and able to complete tasks on a user’s behalf.

​Moreover, early engagement numbers are encouraging as Canadian users are interacting with Alexa+ twice as often as the original one. In addition, the smart home feature usage is up 60%, and recipe requests have increased fivefold.

​In other news, Barclays on June 11 reiterated a Buy rating on Amazon.com, Inc. (NASDAQ:AMZN) with a price target of $330. Earlier on June 1, Truist had raised the price target on AMZN from $310 to $320, while reiterating a Buy rating.

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 Good Stocks to Invest in Now and 10 Most Undervalued US Stocks According to Hedge Funds. 

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