5 Best Cloud Computing Stocks Heading into 2024

3. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 152

Alphabet Inc. (NASDAQ:GOOG) had 152 hedge funds long its stock in the second quarter, with a total stake value of $18.9 billion.

Alphabet Inc. (NASDAQ:GOOG) is a big tech company based in Mountain View, California. It offers the Google Cloud as part of its cloud computing services which offers infrastructure, cybersecurity, data, analytics, and other services.

John Blackledge at TD Cowen maintains an Outperform rating and a $140 price target on Alphabet Inc. (NASDAQ:GOOG) as of July 13.

Here’s what Artisan Partners said about Alphabet Inc. (NASDAQ:GOOG) in its second-quarter 2023 investor letter:

“Our best performing stocks this quarter were Meta, Alphabet Inc. (NASDAQ:GOOG) and Heidelberg Materials. The rise in Alphabet’s share performance was primarily driven by the AI frenzy. Earlier this year, there were some doubts about Alphabet’s ability to compete with OpenAI’s ChatGPT product. This was a bit ironic since Alphabet has been using AI technology to improve its Google search results and advertising business for years. Indeed, the technology that underpins OpenAI’s ChatGPT actually came from Alphabet more than five years ago. But sometimes the market needs a reminder, and Alphabet provided tangible evidence of its capabilities. At a recent developer conference, it launched Bard, a consumer-oriented generative AI version of its search engine, as well as several other concrete examples of how AI could improve its current business. As with Meta, the long-term implications of AI on Alphabet’s business model are still far from certain. But we do believe that it is a technology leader in this field and will participate in whatever direction the technology develops.”