Bill Ackman, billionaire hedge fund manager and CEO of Pershing Square Capital Management, has recently initiated a position in Amazon (NASDAQ: AMZN). This move follows his substantial investment in Alphabet, highlighting his focus on tech companies with diverse ecosystems and attractive valuations. Ackman joins notable investors like Warren Buffett and Cathie Wood in holding Amazon shares.
Amazon has made significant strides in artificial intelligence (AI) by investing in companies like Anthropic, which utilizes Amazon Web Services (AWS) for training generative AI models. This partnership has resulted in a marked increase in AWS revenue and operating income. Currently, Amazon’s shares have seen a rebound from a low of approximately $167 in April, with analysts rating it as a buy and projecting a target price of $239.
As of now, 66 out of 70 analysts covering the stock rate Amazon as either a buy or strong buy, suggesting continued investment potential amidst its expanding AI capabilities.
