10 Hot AI Stocks to Keep on Your Radar

4. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 219

Alphabet Inc. (NASDAQ:GOOGL) is one of the 10 Hot AI Stocks to Keep on Your Radar. On November 24, BNP Paribas Exane initiated coverage on the stock with an “Outperform” rating and a $355.00 price target. Analyst Nick Jones sees GOOGL as an AI and Cloud leader.

The analyst highlighted how Google boasts a “dominant position in Search, a leading video ad platform in YouTube, and expanding cloud computing business with Google Cloud.”

The firm noted how shares have begun to recover for Alphabet after a period of regulatory hurdles and competitive pressures.

“After a period of pressure from regulatory overhangs, increasing competition in search and advertising, and lack of clarity on its long-term AI positioning, GOOGL shares have begun to recover – and we see more room for multiple expansion as the company demonstrates its AI prowess. Initiate at O/P, $355 TP.”

Looking ahead, the firm believes that two primary catalysts may drive Alphabet shares even higher. These are Google Advertising outperformance and stronger-than-expected cloud growth.

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