Summit Asset Buys into Amazon with $10 Million Stake

Summit Asset Management LLC has acquired a new position in Amazon.com, Inc. (NASDAQ:AMZN), purchasing approximately $10 million worth of shares valued at 42,223 units.

The acquisition is part of Summit's second-quarter disclosures with the Securities and Exchange Commission, where it revealed that about 1.3% of its investment portfolio is now dedicated to Amazon.com stock, making it its ninth largest holding.

Other institutional investors have also modified their holdings in AMZN, including Trust Asset Management LLC, which lifted its stakes by 3.3% during the second quarter, and MilWealth Group LLC, which increased its holdings by 79.0% during the fourth quarter.

AWS has expanded its custom-chip strategy with Qualcomm, developing customized AI data-center silicon for AWS inference, while Amazon's profitability remains a key investment argument due to its roughly 39% operating margin and recent acceleration in cloud growth.