5 Tech Stocks Benefiting From The AI Boom

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1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 289

Microsoft Corporation (NASDAQ:MSFT) is another obvious AI beneficiary considering it has also been adopting AI features across its platforms.

Microsoft Corporation (NASDAQ:MSFT) was spotted in the portfolios of 289 hedge funds in the first quarter, with a total stake value of $57.9 billion.

As of June 15, Gregg Moskowitz at Mizuho holds a Buy rating on Microsoft Corporation (NASDAQ:MSFT) shares.

Mairs & Power made the following comment about Microsoft Corporation (NASDAQ:MSFT) in its first-quarter 2023 investor letter:

“As we have mentioned in previous months, we have slowly reduced our underweight position in the Technology sector over the past several years, as we have added a number of names that fit our investment strategy. Many of the these investments had impressive returns in the quarter and our relative performance in the tech sector was a bright spot. Four out of our top 5 performing names in the quarter were either Technology or Technology-related names, including: NVIDIA (NVDA), Alphabet (GOOG), Littelfuse (LFUS), and Microsoft Corporation (NASDAQ:MSFT). The stocks all benefited from a positive shift in investor sentiment in the quarter toward growth stocks, reversing last year’s trend. NVIDIA, Alphabet, and Microsoft also all benefited from their exposure to artificial intelligence and the headlines garnered from the widespread launch of ChatGPT a large language model developed by Microsoft partner, OpenAI. In the current tight labor market, there is a lot of enthusiasm around the efficiency this technology could bring to many industries. Alphabet and Microsoft are working furiously to build it into their products and NVIDIA has benefited as it currently has the best hardware to train and run large AI algorithms.”

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See also 10 Technology Dividend Stocks Billionaires Are Loading Up On and 10 Internet of Things (IoT) Stocks Billionaires Are Loading Up On.

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