Who Is Buying Amazon? Hedge Fund Activity in 2026
See which hedge funds are buying, selling, or holding Amazon (AMZN) stock based on the latest SEC 13F filings. Complete institutional ownership breakdown.
8 min czytaniaWho Is Buying Amazon? Hedge Fund Activity in 2026
Amazon is a three-headed business monster: the world's largest e-commerce platform, the dominant cloud computing provider (AWS), and a rapidly growing advertising platform. In 2026, with AWS pivoting heavily toward AI workloads and Amazon's profitability reaching new highs, institutional investors are reassessing their AMZN exposure.
Let's examine which hedge funds are loading up on Amazon — and which are stepping back.
Amazon at a Glance
| Metric | Value |
|---|---|
| Ticker | AMZN |
| Sector | Technology — E-commerce/Cloud |
| Market Cap | ~$2.3 trillion |
| Institutional Ownership | ~63% of float |
| Number of 13F Holders | 5,100+ |
Who's Buying Amazon in 2026?
Based on the most recent 13F filings (Q4 2025):
1. Tiger Global Management (Chase Coleman)
Tiger Global has made Amazon one of its largest positions, adding approximately $2.8 billion in Q4 2025. Coleman's team sees AWS AI services (Bedrock, SageMaker, custom Trainium chips) as a major growth driver that the market is underpricing relative to NVIDIA's premium.
2. D.E. Shaw & Co.
D.E. Shaw increased its Amazon position by roughly 30%, adding approximately $2.2 billion. The quant firm's models identify Amazon as offering the best risk-adjusted exposure to both AI and consumer spending.
3. Viking Global Investors (Andreas Halvorsen)
Viking added approximately $1.9 billion to its Amazon stake, attracted by the company's margin expansion story. Amazon's operating margin has expanded from ~2% in 2022 to over 10% in 2025 — a transformation that drives significant earnings growth even with modest revenue increases.
4. Dragoneer Investment Group
Dragoneer increased its Amazon position by 45%, now holding approximately $2.5 billion. The fund's thesis focuses on AWS's ability to capture enterprise AI workloads with its custom chip strategy (Graviton, Trainium, Inferentia).
5. Two Sigma Investments
Two Sigma added roughly $1.5 billion in Amazon exposure, utilizing both direct stock purchases and options strategies. The quant fund sees favorable momentum and fundamental characteristics in AMZN.
6. Pershing Square (Bill Ackman)
Ackman's Pershing Square maintained and slightly increased its Amazon position to approximately $2 billion, viewing AMZN as a high-quality compounder with multiple growth vectors.
Who's Selling Amazon?
1. Soros Fund Management
The Soros fund reduced its Amazon position by approximately 50% in Q4 2025, rotating toward smaller-cap AI beneficiaries and international equities.
2. Bridgewater Associates
Bridgewater trimmed its Amazon stake by roughly 30%, consistent with its broader de-risking of U.S. mega-cap technology exposure.
3. Citadel Advisors
Citadel reduced its Amazon position by approximately $1.2 billion, though this may reflect portfolio rebalancing rather than a bearish view — the fund still holds a multi-billion dollar AMZN position.
Biggest Institutional Holders of Amazon
| Rank | Fund | Estimated Value | Type |
|---|---|---|---|
| 1 | Vanguard Group | ~$80 billion | Index/Passive |
| 2 | BlackRock | ~$72 billion | Index/Passive |
| 3 | State Street | ~$38 billion | Index/Passive |
| 4 | Fidelity (FMR) | ~$32 billion | Active/Passive |
| 5 | T. Rowe Price | ~$22 billion | Active |
Why Funds Are Interested in Amazon
1. AWS — The Cloud Leader AWS generates approximately $100+ billion in annual revenue with operating margins above 30%. It's the world's largest cloud platform and increasingly the infrastructure layer for enterprise AI. AWS's custom chips (Trainium for training, Inferentia for inference) offer lower costs than NVIDIA GPUs, attracting cost-conscious enterprise customers.
2. Margin Expansion Story Amazon's transformation from a low-margin retailer to a high-margin cloud and advertising conglomerate is one of the great business pivots in history. Operating income has grown from $12 billion in 2022 to over $60 billion in 2025, driven by AWS, advertising, and retail cost optimization.
3. Advertising Juggernaut Amazon's advertising business now generates over $55 billion annually, making it the third-largest digital ad platform (behind Google and Meta). This high-margin revenue stream leverages Amazon's unparalleled purchase intent data.
4. Prime Ecosystem With over 200 million Prime members globally, Amazon has built a flywheel of subscriptions, streaming, shopping, and delivery that creates enormous customer lifetime value and recurring revenue.
5. Healthcare and Beyond Amazon's expansion into healthcare (One Medical, Amazon Pharmacy) and other verticals creates optionality that the market may not fully price in.
Historical Institutional Interest in Amazon
2023: Institutional interest rebounded strongly after the 2022 tech selloff. The number of 13F filers with Amazon positions increased by approximately 20% as funds bought the post-pandemic dip.
2024: AWS AI revenue and margin expansion drove a deepening of existing positions — funds that owned Amazon bought more. The stock outperformed the S&P 500 by over 15 percentage points.
2025-2026: Amazon has emerged as the "AI value play" — the mega-cap tech stock that many funds view as undervalued relative to its AI opportunity. AWS AI services are growing faster than Azure AI, and Amazon trades at a lower earnings multiple than Microsoft or NVIDIA.
What This Means for Individual Investors
Amazon's institutional ownership profile offers several insights:
The market sees a new Amazon. Institutional buying reflects a fundamental re-rating of Amazon from a low-margin retailer to a high-margin technology conglomerate. This shift may have further to run.
AWS AI is the key catalyst. Watch for changes in how funds position around AWS earnings reports. Acceleration in AI workload revenue could drive further institutional buying.
13F data is backward-looking. Filings reflect positions from 45 days ago. Use the data for trend analysis, not timing.
This is not investment advice. Do your own research and consider your financial situation before investing.
How to Track Amazon Institutional Activity in Freenance
Freenance's Smart Money Tracker lets you monitor institutional activity in Amazon:
- Aggregated 13F data — all institutional filings in one dashboard
- Position change tracking — see who's buying and selling quarter-over-quarter
- Historical trends — visualize institutional sentiment over time
- Custom alerts — get notified when top funds adjust their Amazon holdings
👉 Track Amazon institutional activity on Freenance
Frequently Asked Questions
How many hedge funds own Amazon?
Over 5,100 institutional investors report Amazon positions in 13F filings. AMZN is one of the five most widely held institutional stocks globally.
Is Amazon undervalued compared to other AI stocks?
Many institutional investors believe so. Amazon trades at a lower forward earnings multiple than Microsoft and NVIDIA despite having comparable AI growth through AWS. However, "undervalued" depends on your growth assumptions and time horizon.
Why is AWS important for Amazon's stock?
AWS contributes the majority of Amazon's operating profit (roughly 60-70%) despite representing about 16% of total revenue. It's the highest-margin, fastest-growing segment, making it the primary driver of Amazon's valuation.
Should I buy Amazon because hedge funds are buying it?
Hedge fund activity provides useful context but is not a trading signal. Institutional investors have different strategies, time horizons, and risk tolerances than individual investors. Use this data as one input among many in your investment process.
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