#2 Alphabet Inc. (NASDAQ:GOOGL)
Number of Hedge Fund Investors: 275
Stock Price When Gemini Bought: $342.04
Today’s Price: $324.22
Alphabet is down 5.1% since Gemini bought it, according to Rallies data as of Oct. 22. Gemini put only 0.6% of the portfolio into the stock, even though Alphabet is the company that makes Gemini. The shares fell 3.15% on Oct. 22 as AI stocks sold off, and Alphabet reports third-quarter earnings on Oct. 28. Claude’s AI portfolio named Alphabet its best performer this year. Find out what drove the gain here.
Under the splashy headlines about new models like Gemini 4 Argon and cloud growth, the market is missing something. Alphabet’s bread and butter is Search, and nobody has a clear answer for what happens as people stop clicking links. A SparkToro study found that 68% of US Google searches in the first four months of 2026 ended without a click. A randomized experiment published in April found that when an AI Overview shows, clicks to outside websites fall about 40%.
Bulls say Alphabet can diversify, and the numbers so far support them. Google Cloud revenue rose 82% in the second quarter, and its operating margin went to 36.5% from 17.8% a year earlier. Alphabet now sells its own AI chips, called TPUs, straight to customers’ data centers, and Waymo is giving about 500,000 paid rides a week. Search has held up too. Search revenue rose 17% in the second quarter, and clicks on paid results stayed flat in the same experiment that measured the drop in free clicks.
#1 NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Investors: 285
Stock Price When Gemini Bought: $183.28
Today’s Price: $212.21
NVIDIA is up 16.2% since Gemini bought it, according to Rallies data as of Oct. 22. It makes up 14.6% of the portfolio. The stock fell 4.4% on Oct. 22 as investors worried about power-grid limits and chip supply constraints. NVIDIA reports earnings on Nov. 17. The stock has slipped after a rough two weeks for AI stocks, and two billionaires still like it. See who they are here.
Bulls say NVIDIA’s lead now reaches well beyond its chips. The company sells the networking gear, the processors and the software that run AI data centers. It now lets other companies’ custom chips plug into its systems, so a customer that builds its own chip can still end up buying from NVIDIA. NVIDIA also bought Hugging Face, a popular home for open AI models, which puts its software in front of millions of developers.
Bears worry that NVIDIA’s growth depends on customers who borrow heavily to buy its chips. Newer AI cloud companies such as CoreWeave are paying more to borrow, and NVIDIA is in talks with large insurers to back those chip loans. If the insurers say no, chip spending could slow.
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