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The tech giant has more than doubled over the past five years while outpacing the Nasdaq-100 this year.
However, investors shouldnt put all of their eggs in one basket.
Diversifying into otherstocks, including some that are similar to Amazon, could yield higher returns and mitigate risk.
Here are some of the top stocks to buy if you already own Amazon, according to experts.
Also seehow much youd have now if you invested in Amazon stock ahead of the 2023 holiday season.
[Costco] provides significant value to customers in many different areas.
Tremendous amount of white space to add stores internationally.
Long-term compounder withlarge dividend increasesover time.
They do well when the economy is strong, and they do well when the economy is struggling.
A great mix of growth and defensiveness.
Costcos stock is about even with Amazons for the year.
Nvidia (NVDA)
David Materazzi, CEO ofGalileo FX, also recommended Costco.
Materazzi suggested Nvidia as an investment opportunity to consider.
Nvidia dominates in AI and data centers.
Its chips power systems forgaming, business and research.
Growth in these areas drives demand, he said.
Salesforce (CRM)
Materazzi also suggested Salesforce as a compelling opportunity for long-term investors.
Salesforce is strong in cloud software and business tools.
[The company] helps businesses managesales and customers.
Its cloud tools are essential as more companies go digital, Materazzi said.
Salesforces stock has seen a return of almost 40% this year.
Shares have more than doubled over the past five years, but Amazon has outperformed it during that stretch.
Additionally, its revenue and profit margins have been growing.
Best merchandiser in the business with significantly more inventory turns than competition.
A great mix ofgrowth and defensiveness.
People like good value all the time.
They are the King and Queen of spices and have also entered the mustard andhot sauce markets.
Stock is trading under historical valuation averages and is seeing a turnaround extending into 2025, he said.
McCormick has lagged behind Amazon stock, though.
The stock compensates by having a reasonable valuation and a dividend yield above 2%.
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