Is Alphabet Inc. (GOOG) Well-Positioned to Benefit from the Growth in AI?

Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The market delivered a strong performance again in the second quarter with the S&P 500 up 8.7%. Technology stocks contributed more than half of the S&P 500’s return. However, Madison Sustainable Equity Fund lagged behind the S&P 500 in the second quarter. Both sector allocation and stock selection were headwinds. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Sustainable Equity Fund 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 July 17, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $125.06 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 0.98%, and its shares gained 9.11% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.586 trillion.

Madison Sustainable Equity Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its second quarter 2023 investor letter:

“Alphabet Inc. (NASDAQ:GOOG) continued to participate in the technology rally. We continue to believe Google is well positioned in Artificial Intelligence (AI) which they have been investing in and using across its core Search business, YouTube, and its ad quality systems. Google’s Cloud business is also expected to benefit as businesses expand their use of generative AI.”

Photo by Kai Wenzel on Unsplash

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

We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared billionaire David Tepper’s investment strategy and his favorite stocks. 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.