We just covered the Chris Rokos Stock Portfolio: Top 10 Stock Picks and Amazon.com, Inc. (NASDAQ:AMZN) ranks 3rd on this list.

Amazon.com, Inc. (NASDAQ:AMZN) has been a staple in the 13F portfolio of Rokos Capital Management since the fourth quarter of 2020. Back then, this position comprised 2.3 million shares. By the following quarter, the fund had grown this to 2.7 million shares. Thereafter, a period of trimming followed, during which the stake was reduced around 50,000 shares by the first quarter of 2023. Since then, the fund has been buying the stock again. Filings for the fourth quarter of 2025 show that the fund owned 1.4 million shares in the firm, down close to 27% compared to filings for the previous quarter.

In the Q1 2026 results released in late April, Amazon.com, Inc. (NASDAQ:AMZN) reported total net sales of $181.5 billion, a 17% increase year-over-year, significantly exceeding Wall Street consensus. The standout performer was Amazon Web Services (AWS), which saw revenue expand by 28% to $37.6 billion, the fastest growth rate in nearly four years. This resurgence is attributed to a record $364 billion AWS backlog and the triple-digit growth of the custom-silicon business, comprising Graviton, Trainium, and Nitro, which has reached a $20 billion annual revenue run rate. Hedge funds are particularly bullish on the land and expand dynamic of Amazon Bedrock, where customer spend surged 170% sequentially, signaling that enterprise AI workloads are shifting from experimentation to large-scale deployment.

While we acknowledge the potential of AMZN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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