Jim Cramer’s New Picks: 5 Stocks to Buy

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1. Alphabet Inc Class C (NASDAQ:GOOG)

Number of Hedge Fund Investors: 166

Jim Cramer recently announced that he’s done selling Alphabet Inc Class C (NASDAQ:GOOG) shares and talked in detail how Alphabet Inc Class C (NASDAQ:GOOG) remains undervalued. Cramer said that his “conventional wisdom” saying Alphabet Inc Class C (NASDAQ:GOOG) might not be as strong as it appears was recently “blown out of the water” by a series of “very positive” analyst notes. One of these bullish notes highlighted that Alphabet Inc Class C (NASDAQ:GOOG) has not lost any search market share despite the rise of AI-powered search engines and Bing. Another note said YouTube’s growth is increasing as US teens continue to spend a significant amount of time on the platform. Cramer also said Alphabet Inc Class C (NASDAQ:GOOG) remains undervalued and its Waymo business also needs credit.

Palm Valley Capital Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its first quarter 2024 investor letter:

“Governments have various irons in the fire for curbing (commandeering?) the power of tech titans, with the European Union rolling out the Digital Markets Act, the Federal Trade Commission suing Amazon for illegally using monopoly power, and the DOJ lawsuit against Alphabet Inc. (NASDAQ:GOOG)’s advertising business going to trial in September.

Furthermore, the dominant technology enterprises are not immune from shooting themselves in the foot. Google’s botched launch of its AI model, Gemini, shows the risk of having too much money. You lose discipline. A Pirate Wires exposé into the firm’s culture revealed that employees went to extreme lengths to intentionally degrade the quality of the AI engine’s output for ideological reasons. Try that as a small business! See how far you make it…” (Click here to read the full text)

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also look at the Jim Cramer Says You Should Avoid These 11 Stocks and the Jim Cramer is Talking About Trump Media and 10 Other Stocks.

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