Hedge Funds Flag Amazon Top Cloud Stock After ArcelorMittal AI Deals

As of June 27, Amazon is positioned as a leading cloud computing stock by hedge funds following its strategic agreements with ArcelorMittal. The June 26 partnership announcement saw AWS deploy cloud, AI, and edge technologies to modernize ArcelorMittal’s global steel operations, while Amazon secured a multi-year supply deal for lower-carbon XCarb steel to support facilities and data centers. These moves reinforce AWS growth, expand industrial AI applications, and advance Amazon’s 2040 net-zero target. The positive coverage contrasts with Microsoft’s separate 2 GW data-center expansion in Texas.