Alphabet (GOOG) Benefited from Advances in Generative AI

Investment management company Vulcan Value Partners recently released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm has five strategies, and all gained positive absolute returns in the second quarter. The fund’s Large Cap Composite returned 10.0% net of fees and expenses, the Small Cap Composite returned 4.4% net, the Focus Composite returned 11.1% net, the Focus Plus composite returned 10.6%, and the All-Cap Composite returned 6.0% net. You can check the top 5 holdings of the fund to know its best picks in 2023.

Vulcan Value Partners highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in the second quarter 2023 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On August 22, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $129.69 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 5.62%, and its shares gained 13.00% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.631 trillion.

Vulcan Value Partners made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its second quarter 2023 investor letter:

“Alphabet Inc. (NASDAQ:GOOG) reported good results given the strong pandemic related comparisons they have been facing. While overall revenue only increased by low single-digits, Cloud revenue increased 28%, and search revenue was positive for the first time in several quarters. We believe Alphabet will benefit from recent advances in generative AI.”

Pixabay/Public Domain

Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 152 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of second quarter which was 155 in the previous quarter.

We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of biggest augmented reality and VR companies in the world. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.