Well-Known Investor Buys More GOOG Stock

Investor Jim Lebenthal, who frequently appears on CNBC, recently reported on the network that he had added to his holdings of Alphabet Inc. (NASDAQ:GOOG).

The investor said that he expects Alphabet Inc. (NASDAQ:GOOG) “to meet the competitive threat” that it’s facing from AI models.

Lebenthal is Chief Equity Strategist of Cerity Partners and a partner in the firm.

Why Lebenthal Is Bullish on Alphabet Inc. (NASDAQ:GOOG)

Alphabet Inc. (NASDAQ:GOOG) has “the intellectual chops” to compete effectively with the AI models, the investor stated.

Noting that the shares are changing hands at a low forward price-earnings ratio of about 17 times, he added that the company had displayed its “capabilities” at its recent developers’ conference.

“I could be wrong, but I’m not sure how much” GOOG stock could drop, Lebenthal added, suggesting that the shares are unlikely to fall much below their current levels.

The Recent Performance of GOOG Stock

In the last month, the shares have advanced 7%, while they have retreated 4% in the last three months.

While we acknowledge the potential of GOOG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than GOOG and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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