5 Best Edge Computing Stocks To Buy

4. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 166

In May 2022, Alphabet Inc. (NASDAQ:GOOG) acquired MobiledgeX, a company backed by Deutsche Telekom, with plans to open source its code and integrate it into Google Cloud. MobiledgeX, founded in 2018, specializes in federated telco edge cloud solutions adhering to GSMA standards. Moreover, Google Distributed Cloud (GDC), particularly the GDC Edge component, is integral to the success of Anthos, as it caters to both telecom operators and enterprise customers. GDC Edge is designed to position Anthos as the foundation for 5G infrastructure and modern workloads like AI and analytics. Alphabet Inc. (NASDAQ:GOOG) is one of the best edge computing market leaders. 

On January 30, Alphabet Inc. (NASDAQ:GOOG) reported a Q4 GAAP EPS of $1.64 and a revenue of $86.31 billion, outperforming Wall Street estimates by $0.04 and $1.04 billion, respectively. 

According to Insider Monkey’s fourth quarter database, 166 hedge funds were bullish on Alphabet Inc. (NASDAQ:GOOG), compared to 163 funds in the last quarter. Ken Fisher’s Fisher Asset Management is the largest stakeholder of the company, with 45.2 million shares worth $6.3 billion. 

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.”