5 Quantum Computing Stocks Billionaires Are Loading Up On

2. Alphabet Inc. (NASDAQ:GOOGL)

Number of Billionaire Investors: 32

Dollar Value of Billionaire Holdings: $5,725,927,398

Number of Hedge Fund Holders: 204

Alphabet Inc. (NASDAQ:GOOGL) ventured into the field of quantum computing through its quantum computer, named Sycamore. The computer achieved quantum supremacy in 2019 by solving a complex calculation in just 3 minutes and 20 seconds and utilizing 54 qubits.

Of the 943 hedge funds in Insider Monkey’s database, 204 funds held a stake in Alphabet Inc. (NASDAQ:GOOGL) as of Q1 2023. Meanwhile, 32 billionaire investors reported owning a stake worth over $5.7 billion in Alphabet Inc. (NASDAQ:GOOGL) during the first quarter of the year.

Third Point Management shared its stance on Alphabet Inc. (NASDAQ:GOOGL) in its Q1 2023 investor letter. Here’s what the firm said:

“Third Point initiated a position in Alphabet Inc. (NASDAQ:GOOGL) during the First Quarter. Fears around the potentially negative impact that AI and ChatGPT/MSFT may have on GOOGL’s business created a unique entry point into one of the best consumer internet assets and businesses of our generation.

While ChatGPT has unquestionably captured the general public’s attention (as well as several hundred million users), we believe the market underestimates GOOGL’s own capabilities and opportunities in the emerging field of generative AI. GOOGL has been a leader in the broad field of AI for years, with the company’s scientists pioneering several of the software and hardware innovations that underpin current advances, most notably the Transformer architecture in 2017 that served as a key building block for GPT-3. Fruits of these investments were visible at last week’s developer conference, Google I/O, where GOOGL previewed their latest large language model (LLM) and an impressive slate of AI- powered product improvements across their Search, Maps, Gmail, Workspace, and Cloud offerings. We believe these new products now put Google on the offensive in the dawning age of AI, allowing it to further grow consumer engagement with Search, make its Workspace products more competitive against Microsoft Office, and differentiate its Cloud offerings to accelerate share gains from AWS and Azure…” (Click here to read the full text)