Panoramic Capital Partners Takes $1.63 Million Position in Amazon
A recent SEC filing reveals that Panoramic Capital Partners LLC has acquired a new position in Amazon.com, Inc. (NASDAQ:AMZN) worth $1.63 million.
The fund purchased 6,821 shares of Amazon's stock in the second quarter, which accounts for approximately 0.8% of its investment portfolio and makes it the company's 12th largest holding.
This is not an isolated move, as several other hedge funds have also increased their stakes in Amazon.com recently. For example, Longfellow Investment Management Co. LLC bought a new stake worth around $33,000, while MilWealth Group LLC boosted its position by 79% to own 179 shares valued at $41,000.
The company's recent developments have been largely driven by the growth of its Amazon Web Services (AWS) division, which has seen rapid expansion and increasing demand for cloud AI services. This trend is expected to continue with a major partnership between Amazon and Qualcomm, which could lead to significant future capital spending and revenue growth.