5 Best Investments for Beginners

4. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 204

Search. Cloud. AI. Autonomous cars. Healthcare ventures. Smartphone software. Apps. These are just some of the catalysts that are expected to keep boosting Alphabet Inc. (NASDAQ:GOOGL) stock price in the months and years to come.

In August, BofA increased its price target on Alphabet Inc. (NASDAQ:GOOGL) to $146 from $142 and kept a Buy rating on the stock.  At its Cloud Next event Alphabet highlighted its AI/ML capabilities, partnerships with NVIDIA Corporation (NASDAQ:NVDA), SAP SE (NYSE:SAP) and Workday Inc. (NYSE:WDAY), among other projects.

A total of 204 hedge funds tracked by Insider Monkey had stakes in Alphabet Inc. (NASDAQ:GOOGL) as of the end of the second quarter.

Artisan Global Value Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q2 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.”