Janus Henderson Investors, an investment management company, released its third-quarter 2025 investor letter for its “Janus Henderson Global Technology and Innovation Fund”. A copy of the letter can be downloaded here. The technology sector generated strong results in the quarter, driven by the semiconductor complex and hardware makers, which outpaced the broader equities. The fund returned 9.19% in the quarter, compared to the S&P 500 Index’s 8.12% return and the MSCI All Country World Information Technology Index’s 12.76% return. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its third-quarter 2025 investor letter, Janus Henderson Global Technology and Innovation Fund highlighted stocks such as Amazon.com, Inc. (NASDAQ:AMZN). Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products, advertising, and subscription services through online and physical stores. The one-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 1.08%, and its shares gained 1.35% of their value over the last 52 weeks. On December 10, 2025, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $232.14 per share, with a market capitalization of $2.482 trillion.
Janus Henderson Global Technology and Innovation Fund stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its third quarter 2025 investor letter:
“Out-of-benchmark hyperscaler Amazon.com, Inc. (NASDAQ:AMZN) weighed on relative performance despite e-commerce, advertising, and profitability holding up well. The stock’s flat return was driven by whispers that Amazon’s AI offerings may not be as secularly advantaged as its legacy cloud business. We believe that any softness in bookings could be an issue of capacity rather than waning demand. We have seen this before when other hyperscalers encountered bottlenecks as they raced to deploy AI capacity. In previous instances, once capacity became available, order books again began to swell.”
Amazon.com, Inc. (NASDAQ:AMZN) is in first position our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 332 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of the third quarter, which was 325 in the previous quarter. In Q3 2025, Amazon.com, Inc. (NASDAQ:AMZN) reported $180.2 billion in revenue, up 12% year-over-year, excluding the impact from foreign exchange rates. While we acknowledge the potential of Amazon.com, Inc. (NASDAQ: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.
