We recently published a list of 11 AI News and Ratings You Should Not Miss. In this article, we are going to take a look at where Amazon.com, Inc. (NASDAQ:AMZN) stands against other AI news and ratings you should not miss.
As tools like ChatGPT by OpenAI become more popular, a larger debate has been ignited among AI businesses in the United States over content creation and copyrights. AI startup OpenAI, the most valuable private firm in the world, recently won an important battle in this regard when a New York federal judge on November 7 dismissed a lawsuit against the company that alleged that the startup had misused articles from news outlets Raw Story and AlterNet to train its large language models. A spokesperson for the startup said in a statement following the ruling that OpenAI had built their AI models using publicly available data, in a manner protected by fair use and related principles, and supported by long-standing and widely accepted legal precedents.
Read Also 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.
The win is likely to further boost the future prospects of OpenAI, a startup that is already investing in other AI ventures. Latest reports, published by news agency Reuters, claim that the company was part of a funding round for Physical Intelligence, a startup that is developing foundational software for robots, earlier this week. The robot startup managed to raise more than $400 million in funding through the round. This valued the firm at more than $2 billion. Jeff Bezos and venture capital firms like Thrive Capital and Lux Capital were also part of the funding round. Research by venture capital firm Accel suggests that funding of AI and cloud companies in the US, Europe, and Israel is estimated to hit $79.2 billion by the end of 2024.
Read more about these developments by accessing Beyond the Tech Giants: 35 Non-Tech AI Opportunities.
For this article, we selected AI stocks by combing through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
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Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 308
Amazon.com, Inc. (NASDAQ:AMZN) operates as a technology conglomerate with core interests in the ecommerce business. On November 7, the tech giant announced plans to invest up to $1.3 billion in Italy over the next five years as part of a long-term plan to boost data center business in the European country. The company aims to create more than 5,000 jobs in Italy through the investment. Per the ecommerce titan, these job opportunities will cover various sectors, including construction, facility maintenance, engineering, and telecommunications, and are also aimed at positively impacting the broader local economy.
Overall, AMZN ranks 1st on our list of AI news and ratings you should not miss. While we acknowledge the potential of AMZN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than AMZN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.