Billionaire Investors Bet on Amazon and Palantir for AI Growth, Sell Nvidia Stock
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Several billionaire investors sold shares of Nvidia stock in Q4 while buying shares of AI-focused companies Amazon and Palantir instead.
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Amazon is poised for strong growth thanks to its leadership in e-commerce, digital advertising, and cloud computing - all markets expected to see double-digit growth.
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Palantir's software helps businesses analyze data and build AI models. Its new AI Platform brings large language model capabilities to its Foundry platform.
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Palantir recently won a $178 million contract with the U.S. Army to build an AI/ML-powered ground station system.
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While Palantir's growth prospects look strong, its high valuation (23.5x sales) makes the stock overpriced currently according to Wall Street analysts.