14 Best S&P 500 Stocks to Buy Now

Page 10 of 13

4. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 243

Alphabet Inc. (NASDAQ:GOOGL) is among the 14 Best S&P 500 Stocks to Buy Now. According to a Reuters report on Wednesday, Google is working with Meta to make its AI chips better suited to running PyTorch, in a bid to challenge Nvidia’s dominance in the market.

The initiative, called TorchTPU, aims to position Google’s Tensor Processing Units (TPUs) as an alternative to the chipmaker’s Graphics Processing Units (GPUs) by ensuring compatibility with clients who have built their AI infrastructure on PyTorch. The Meta-built open source project has become one of the most widely used tools for developers.

Alphabet Inc. (NASDAQ:GOOGL) had for years reserved a major chunk of the TPUs for internal use. However, the tech giant had been discussing with Meta over the possibility of the latter using more TPUs, said the report.

In other news, on December 16, Bloomberg reported that self-driving car company Waymo was in talks to generate $15 billion in capital. It plans on raising the additional funds from external investors and its parent Alphabet Inc. (NASDAQ:GOOGL), which could help value the business at around $110 billion.

Alphabet Inc. (NASDAQ:GOOGL) owns several notable platforms such as Google Search, Google Maps, Gmail, and YouTube. The company is also known for pioneering work and research in cloud computing, quantum computing, and artificial intelligence.

Page 10 of 13