We recently published a list of 14 AI Stocks to Watch According to Latest News and Ratings. In this article, we are going to take a look at where Amazon.com, Inc. (NASDAQ:AMZN) stands against other AI stocks to watch according to latest news and ratings.
Artificial intelligence businesses have taken Wall Street by storm in the past few months. One of the most notable success stories has been OpenAI, the AI startup that has become the most valuable private firm in the world with a valuation of over $157 billion. However, the company is facing multiple lawsuits regarding the use of data from news publications without attribution. After US-based The New York Times and the Chicago Tribune took the company to court, Indian news publication ANI has also alleged that the ChatGPT creator is using published content without permission to help train the AI chatbot to provide information to users.
Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.
Even as it faces these lawsuits, the company is blazing forward with plans to expand the use of the AI chatbot. Kevin Weil, the chief product officer of the company, recently announced on social media platform X that the firm is expanding the Advanced Voice Mode feature of ChatGPT to the web. This will let users talk to the AI chatbot right from their browser. However, the latest feature will only be available to Plus, Enterprise, Teams, or Edu subscribers, the paid members of ChatGPT. This feature is already available on the standalone applications of the product on popular mobile software platforms like Android and iOS.
READ ALSO: 30 Most Important AI Stocks According to BlackRock and 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).
A customer entering an internet retail store, illustrating the convenience of online shopping.
Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 286
Amazon.com, Inc. (NASDAQ:AMZN) operates as a technology conglomerate with core interests in the ecommerce business. On November 19, news publication Business Insider reported that Amazon held talks with several partners for handling specific tasks on the AI-powered Alexa, including Uber, Ticketmaster, and Instacart. Per the report, as of late August, those partner companies were confirmed to work with Amazon on this project and some of them were already being tested on the new Alexa technology, according to an internal document.
Overall, AMZN ranks 1st on our list of AI stocks to watch according to latest news and ratings. 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 time frame. 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.