The pre-market trading for retailers in America is mixed, to say the least.

The Q1 2026 13F filings (holdings as of March 31, 2026, filed May 15, 2026) revealed a striking pattern: Several of the most concentrated hedge fund portfolios are crowding into the same handful of mega-cap names.

Investors have largely shifted their attention away from the Magnificent 7 companies as enthusiasm has moved toward semiconductor stocks and the broader artificial intelligence trade.  The Roundhill Magnificent 7 ETF (MAGS) has gained just 0.68% this year, significantly underperforming the S&P 500 and Nasdaq 100 indices.

Elevated Capital Advisors LLC boosted its position in Amazon.com, Inc. (NASDAQ: AMZN) by 10.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,118 shares of the e-commerce giant's stock after buying an additional 2,079 shares during the quarter. Amazon.com makes up

Equitable Trust Co. grew its holdings in shares of Amazon.com, Inc. (NASDAQ: AMZN) by 17.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 182,411 shares of the e-commerce giant's stock after purchasing an additional 26,716 shares during the period. Amazon.com accounts for 1.8% of Equitable Trust

Amazon shares currently trade 8% below their peak from early May. The smartest investors will focus on what makes this a great business with an eye on the long term.

Beacon Financial Group cut its holdings in Amazon.com, Inc. (NASDAQ: AMZN) by 9.7% during the undefined quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,638 shares of the e-commerce giant's stock after selling 3,063 shares during the quarter. Beacon Financial Group's holdings

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Today, Observe.AI announced a multi-year strategic collaboration agreement with Amazon Web Services (AWS) to help enterprises deploy AI Agents for CX across customer service operations at scale.Through this collaboration, customers can use Observe.AI's Agentic CX Platform, running on AWS, to bring AI agents into the core of customer experience: resolving customer needs directly, supporting frontline teams in real time, and continuously improving performance.

Accredited Investors Inc. reduced its stake in Amazon.com, Inc. (NASDAQ: AMZN) by 2.9% during the undefined quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 222,751 shares of the e-commerce giant's stock after selling 6,653 shares during the period. Amazon.com accounts for about 2.5% of Accredited Investors

On July 21, Defiance launched the Defiance AI Hyperscale Leaders ETF (AIHY), with an expense ratio of 76 basis points. The fund provides actively managed exposure to the companies that are leaders in enabling, developing, or benefiting from artificial intelligence growth.