10 AI Stocks Investors Are Watching

2. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 243

Alphabet Inc. (NASDAQ:GOOGL) is one of the 10 AI Stocks Investors Are Watching. On December 22, BNP Paribas Exane maintained an Outperform rating on the stock with a $355.00 price target.

The rating affirmation follows Alphabet’s agreement to acquire Intersect, which the firm views as a prudent investment to scale its data center footprint.

The tech giant said on Monday that it will acquire Intersect, a provider of data center and energy infrastructure solutions, for $4.75 billion in cash, plus assumed debt. According to BNP Paribas, the acquisition of Intersect will allow Alphabet Inc. to enable faster deployment of data center and generation capacity for itself.

“The acquisition of Intersect is strategically aligned with Alphabet’s accelerating data centre and AI infrastructure needs, helping enable faster deployment of data centre and generation capacity for the company. While we do not view the acquisition as material to numbers near-term, it helps strengthen Alphabet’s long-term AI infrastructure positioning by improving control over energy sourcing and capacity expansion. Overall, we view the deal as a prudent investment to support further AI and cloud growth from here.”

Alphabet Inc. (NASDAQ:GOOGL) is an American multinational technology conglomerate holding company wholly owning the internet giant Google, amongst other businesses.