New to Growth Stocks? Here's 1 Every Investor Should Have on Their Radar.

Key Points

• Investing in growth stocks is an excellent way you can build wealth.

• One growth business that stands out for its tech prowess is Amazon.

• Amazon is pouring billions of dollars into building an AI empire.

• 10 stocks we like better than Amazon ›

Investing in growth stocks is a great path to wealth creation. With the rise of artificial intelligence, there's no shortage of high-growth businesses to choose from.

Among these, one to put on your radar is Amazon (NASDAQ: AMZN). Although it's known as an e-commerce titan, it's evolved to become so much more. Here's a look into what makes Amazon a standout growth stock worthy of investment.

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Image source: Getty Images.

Amazon, the AI powerhouse

Amazon is heavily involved in disruptive technologies that can transform industries. It famously did so with e-commerce and with its Amazon Web Services (AWS) division, which is a pioneer and global leader in cloud computing.

AWS also serves as the infrastructure powering Amazon's many artificial intelligence endeavors. AI acts as the brain behind the army of 1 million robots working in the company's warehouses to deliver ever-faster shipping for its retail and logistics operations.

AI is the literal driver behind Amazon's upcoming robotaxi service, Zoox. The self-driving vehicles will debut in Las Vegas later this year.

Zoox is the latest example of how Amazon is directing AI tech toward disrupting markets. It's also tackling healthcare, where the company offers AI tools for medical research and to streamline workflows, such as automatically transcribing patient notes for clinicians.

This is just the tip of the AI iceberg. Amazon invested over $100 billion in the second quarter alone on capital expenditures to further fuel AI infrastructure growth. This staggering sum is a substantial step up from the $55 billion spent on capex in Q2 of last year.

Amazon's share price valuation suggests it's a good time to consider adding the stock to your portfolio. Its price-to-earnings (P/E) ratio is down from where it was at the end of last year, indicating shares offer a better value now.

Data by YCharts.

The company's continuous investments in innovative technologies, such as AI, are key factors making Amazon a compelling growth stock.

Should you invest $1,000 in Amazon right now?

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Robert Izquierdo has positions in Amazon. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.