5 Best Blue Chip Stocks To Invest In According to Hedge Funds

4. Alphabet Inc Class A (NASDAQ:GOOGL)

Number of Hedge Fund Investors: 221

Alphabet Inc Class A (NASDAQ:GOOGL) is one of the top favorite blue chip stocks of elite money managers. Alphabet Inc Class A (NASDAQ:GOOGL) plans to pour billionaires to up its AI game and actually implement the AI prowess it has to compete with Microsoft and other companies. Alphabet Inc Class A’s (NASDAQ:GOOGL) Cloud business along with YouTube and other innovative bets make it a relatively undervalued blue chip stock to buy and hold, according to many Wall Street analysts.

YouTube’s CEO recently revealed that YouTube TV, which costs about $73 a month, has over 8 million subscribers.

The FPA Crescent Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its fourth quarter 2023 investor letter:

Alphabet Inc. (NASDAQ:GOOG) continued going from strength to strength during 2023 despite concerns that competition may infringe on the company’s dominant position in Search. Thus far, Alphabet has continued to hold its own, and we look forward to seeing how the company incorporates further AI developments across the Alphabet ecosystem. Lastly, we are hopeful that the impending arrival of a new CFO will bring a renewed focus on efficiency – an area where we believe Alphabet has ample room for improvement.”