15 AI Stocks Making Waves on Wall Street

3. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 227

Alphabet Inc. (NASDAQ:GOOGL) is one of the 15 AI Stocks Making Waves on Wall Street. On June 11, Morgan Stanley reiterated the stock as “Overweight”. According to the firm, the “latest data show GOOGL’s leadership is stable to improving.”

“GOOGL’s leading position (‘first place to go’) remains largely intact across ecommerce, travel, autos, financials and healthcare.”

On the same day, Google also added a chief AI architect to its leadership ranks. The company continues to prioritize artificial intelligence, adding the technology to more of its products. The company has confirmed that Koray Kavukcuoglu, Google DeepMind’s chief technology officer, has been chosen for the new senior vice president position.

Kavukcuoglu will be reporting directly to Google CEO Sundar Pichai, helping with product strategy and accelerating “how we bring our world-leading models into our products, with the goal of more seamless integration, faster iteration, and greater efficiency.”

Kavukcuoglu’s appointment as chief AI architect follows pressures that the company has been facing to create money-making products from its flagship AI technology. AI competition is getting fiercer each passing day. However, tech companies are finding it hard to show significant returns.

Analysts on Wall Street currently have a consensus “Buy” rating on the stock. The average price target of $200 implies a 13% upside; however, the Street-high target of $250 implies an upside of 41%.