Billionaire Investors Prefer Amazon Over Nvidia as AI Frontrunner
Thumbs down to Nvidia
Great investing minds appear to be thinking alike about two top AI stocks. It's no secret that artificial intelligence (AI) is the hottest game in town for investors. Much of the big gains for the stock market in 2023 and 2024 have been driven by surging interest in everything AI.
No company has been more at the forefront of the AI boom than Nvidia (NASDAQ: NVDA).
Tepper's Perspective:
- Tepper is bullish about AI, with eight of the top 10 holdings in Appaloosa's portfolio being AI stocks.
- He sold almost 23% of Appaloosa's stake in Nvidia in Q4 of 2023.
Coleman's Perspective:
- Coleman reduced its position in Nvidia in Q4 by nearly 13%.
- However, Coleman upped its stake in Amazon by 24%.
Both Tepper and Coleman saw Amazon as a better AI stock to buy in Q4, indicating a shift in perspective towards Nvidia's valuation and Amazon's sustainable momentum.
Thumbs up to Amazon
AI is definitely a key growth driver for Amazon.
Amazon stands out as an excellent long-term pick, with the potential for continuous profit growth through AI development and expanding advertising revenue.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.