Route One Invests Heavily in Amazon Stock

Route One Investment Company L.P., a fund manager, disclosed in its latest 13F filing that it purchased 1,032,200 shares of Amazon.com's stock in the second quarter. This investment is valued at approximately $246 million and accounts for about 9.9% of Route One's portfolio.

This significant stake makes Amazon.com the second-largest holding in Route One's portfolio. Several other hedge funds have also increased or decreased their stakes in Amazon.com, with some notable additions including Red Crane Wealth Management LLC, which boosted its position by 2.3%, and Robinson Smith Wealth Advisors LLC, which raised its stake by 0.7%.

Amazon.com has been a focus of investors due to its strong earnings growth and potential for future expansion in cloud computing and artificial intelligence. The company recently reported a 19.6% increase in revenue for the quarter, beating analyst estimates. Analysts expect Amazon.com's earnings per share to reach $8.01 for the current year.