5 Best Metaverse Stocks To Invest In

3. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 209

Alphabet Inc. (NASDAQ:GOOG) is making inroads in the metaverse industry via acquisitions. To boost its AR efforts Alphabet Inc. (NASDAQ:GOOG) last year acquired Raxium, a microLED company that develops tiny light-emitting diodes for augmented and mixed-reality device displays. Last year, it was reported that Alphabet Inc. (NASDAQ:GOOG) was working on its own AR headset under codename Project Iris. Alphabet Inc. (NASDAQ:GOOG) reportedly plans to ship the product by 2024. Alphabet Inc. (NASDAQ:GOOG) also acquired digital avatar company Alter for $100 million.

At the end of the fourth quarter of 2022, 209 hedge funds tracked by Insider Monkey reported owning stakes in Alphabet Inc. (NASDAQ:GOOG). The most notable hedge fund stakeholder of Alphabet Inc. (NASDAQ:GOOG) during this period was Cathie Wood’s ARK Investment Management with a $25 million stake.

Ensemble Capital made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q1 2023 investor letter:

“Alphabet Inc. (NASDAQ:GOOG) (+17.57%): Prior to the bank runs, we had planned for this letter to include an extended discussion of ChatGPT, the new artificial intelligence (AI) features available in Microsoft’s Bing search engine, and the threats and opportunities to Google of AI powered chatbots. We will revisit an in-depth discussion of this topic in a future letter, but we do want to comment on it briefly here.

If you step back and think about what is happening with AI, two things are clear. First, AI is not new. All sorts of services you use today are powered by AI. This is particularly true of Google’s existing services. In fact, Sundar Pichai’s first speech after assuming the role of CEO was about how the age of AI was arriving and why Google was an “A.I.-first” company. But with ChatGPT, OpenAI has absolutely launched an amazing tool in allowing everyday people to use natural language chat to interface with a highly advanced AI system…” (Please click here to read the full text)