Amazon.com (AMZN) Partners with SAP to Unveil AI Co-Innovation Program at Sapphire

We recently published a list of 12 AI Stocks Making Waves on Wall Street Today. In this article, we are going to take a look at where Amazon.com Inc. (NASDAQ:AMZN) stands against other AI stocks that are making waves on Wall Street today.

The United States recently issued guidance threatening companies not to use advanced computer chips from China, including Huawei’s Ascend AI chips. However, China has now urged the country to “immediately correct its wrongdoings” and stop “discriminatory” measures against it.

A spokesperson for China’s Ministry of Commerce has said that the United States has abused its export control measures. He said that the country has imposed stricter restrictions on Chinese chip products based on unfounded allegations, further explaining how the said restrictions contain discriminatory measures and tend to distort the market.

The U.S. Commerce Department had issued the guidance last week, with its Bureau of Industry and Security stating that “these chips were likely developed or produced in violation of U.S. export controls.”

“The U.S. has been abusing export control measures, imposing stricter restrictions on Chinese chip products under unfounded accusations… China firmly opposes this… Trying to trip others won’t make oneself run faster.”

-The Chinese Ministry

Opposing the unilateral bullying from the US’s end, the Chinese spokesperson said that the restrictions have infringed upon the legitimate rights and interests of Chinese companies. The country has been accused of undermining the preliminary trade agreement reached in Geneva, Switzerland.

The spokesperson further urged the country to work with China to jointly safeguard the consensus concluded in the Geneva talks.

“If the United States continues to cause China substantive harm, China will take resolute measures to safeguard its legitimate rights and interests.”

For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds. The hedge fund data is as of Q4 2024.

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 373.4% since May 2014, beating its benchmark by 218 percentage points  (see more details here).

Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 339

Amazon.com Inc. (NASDAQ:AMZN) is an American technology company offering e-commerce, cloud computing, and other services, including digital streaming and artificial intelligence solutions. On May 20, Amazon Web Services, Inc. and SAP announced a new AI Co-Innovation program to help partners develop generative artificial intelligence applications and agents tailored to their ERP workloads. Announced at the SAP Sapphire event, the collaboration will allow combining advanced generative AI technologies with enterprise resource planning (ERP) data from critical systems to solve real-time business challenges such as optimizing delivery routes and predicting potential impacts to supply chain operations.

“AWS and SAP’s long-standing partnership has helped customers accelerate their cloud journey and unlock more value from their business data. Our AI Co-Innovation Program is a significant next step that will give organizations the security and flexibility to build generative AI applications with Amazon Bedrock that can analyze and act on their most critical SAP data. This will help customers transform decades of business information into actionable insights while accelerating their path to becoming more agile, data-driven organizations.”

-Ruba Borno, vice president of Specialists and Partners at AWS.

Overall, AMZN ranks 1st on our list of AI stocks that are making waves on Wall Street today. 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 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 this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.