5 Stocks Jumping On The Generative AI Wagon

3. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 155

Alphabet Inc. (NASDAQ:GOOG) is a big tech company that entered the generative AI race soon after the launch of ChatGPT with Bard, the company’s own AI chatbot. Bard is considered to be a rival AI platform for ChatGPT at Bing.

As of June 15, BofA analyst Justin Post maintains a Buy rating on Alphabet Inc. (NASDAQ:GOOG) shares.

There were 155 hedge funds long Alphabet Inc. (NASDAQ:GOOG) in the first quarter. Their total stake value was $18.6 billion.

The London Company said the following about Alphabet Inc. (NASDAQ:GOOG) in its first-quarter 2023 investor letter:

Alphabet Inc. (NASDAQ:GOOG) – GOOG rebounded during Q1 along with other large technology companies. While the industry is facing a pullback in ad spending, GOOG continues to find ways to monetize the business and improve efficiency. Management is committed to reengineering the cost structure and growing revenues faster than expenses. GOOG continues to invest in ways to expand its ecosystem (search, cloud, Al, and hardware) with a larger focus on privacy and security. GOOG continues to repurchase shares, maintains a solid balance sheet, and is the share leader in its primary markets.”

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