The main story for these stocks revolves around artificial intelligence, especially when it comes to cloud growth. Both companies are successfully gaining market share and boosting their margins thanks to AI.

SpaceX shares popped more than 4% on Wednesday in premarket trading. The space and AI company's stock has surged around 50% since its blockbuster IPO on Friday.

Amazon remains a Strong Buy as fundamentals improve, despite recent underperformance versus the benchmark. Double-digit revenue growth across core segments and AWS's 28% YoY growth reinforce AMZN's diversified business model and moat. Operating cash flow surged 30% YoY, supporting Amazon's ambitious AI and capex initiatives, including major partnerships with Nvidia and Anthropic.

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It could be a great move by the billionaire hedge fund manager.

SpaceX briefly passed Amazon to become the fifth-most valuable company in the world, and nearly eclipsed Microsoft, before the company's shares pared back those gains before the market closed Tuesday.

SpaceX has made a big splash in its first few days of trading. Investors seem to believe the company can achieve some of its grander ambitions.

SpaceX stock is currently valued largely on hype. Amazon has a growing cloud computing business and space ambitions with Project LEO.

Amazon.com Inc. (NASDAQ:AMZN) shares are moving higher Tuesday. Geopolitical tensions ease, excitement builds around AWS Summit New York and traders position ahead of Prime Day 2026.