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Amazon stockThe Motley Fool
•76% Informative
In the first quarter of 2024 , billionaire fund managers piled into two artificial intelligence stocks that weren't Nvidia .
Both Amazon and Oracle have inserted themselves into the AI industry with a substantial amount of conviction.
I'm not suggesting their respective stocks are about to stage an Nvidia -style rally, but here's why they could deliver strong returns for investors.
Oracle CEO Larry Ellison said the company's latest Gen2 infrastructure can train AI models at twice the speed and for half the cost of competing data centers.
Oracle is building new data centers right now to meet demand from leading developers like OpenAI , Cohere, and Elon Musk's xAI.
The company's remaining performance obligations (order backlog) surged 44% year over year to a record $98 billion .
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