News
Published on March 9, 2024 at 2:07 pm by Swati Goyal in News
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This article summarizes Wall Street picked these 5 AI stocks for 2024. For a detailed look at such stocks, read our article, Wall Street Picked These 13 AI Stocks for 2024.
5. Alphabet Inc (NASDAQ:GOOG)
Number of Hedge Fund Holders: 166
YTD Performance as of March 7, 2024: -3.6%
Alphabet Inc (NASDAQ:GOOG) uses AI to boost its search dominance. The internet giant offers various internet services, such as search, ads, maps, photos, and videos. Alphabet Inc (NASDAQ:GOOG) also has cloud computing.
According to BMO analysts, Alphabet Inc (NASDAQ:GOOG) is best-positioned to benefit from the proliferation of generative AI and large language models.
“While the acquisition of DeepMind in 2014 resulted in a step function increase in AI capabilities, Google has integrated machine learning (“ML”) into its core products since 2000 – this effectively gives Alphabet a 10+ year head start relative to the industry,” the analysts wrote in a note.
Alphabet Inc (NASDAQ:GOOG) rallied by more than 50% last year as it integrated AI into its search and enhancing advertising on YouTube.
As of their fourth quarter of 2023 shareholdings, 166 of the 933 hedge funds covered by Insider Monkey’s research held a stake in Alphabet Inc (NASDAQ:GOOG). The firm’s largest hedge fund investor is Ken Fisher’s Fisher Asset Management, which has invested $6.3 billion.
In itsfourth quarter 2023 investor letter, FPA Crescent Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG):
“Alphabet Inc.(NASDAQ:GOOG) continued going from strength to strength during 2023 despite concerns that competition may infringe on the company’s dominant position in Search. Thus far, Alphabet has continued to hold its own, and we look forward to seeing how the company incorporates further AI developments across the Alphabet ecosystem. Lastly, we are hopeful that the impending arrival of a new CFO will bring a renewed focus on efficiency – an area where we believe Alphabet has ample room for improvement.”
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NASDAQ:GOOGNASDAQ:AMZNNASDAQ:METANASDAQ:MSFTNASDAQ:NVDANvidia Corp (NASDAQ:NVDA)Alphabet Inc (NASDAQ:GOOG)Microsoft Corp (NASDAQ:MSFT)Amazon.com Inc. (NASDAQ:AMZN)Meta Platforms Inc. (NASDAQ:META)Alphabet Inc Class C (NASDAQ:GOOG)Wall Street Picked These 5 AI Stocks for 2024Dorsal Capital Partners Sees a 13% Boost in 2023: Its Top 15 Stock PicksHere is How Billionaire Chris Hohn's Hedge Fund Beat the Market with 33% GainShow more...Show less
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Should I put my money in Artificial Intelligence?
Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.
Marc’s been a trader, stockbroker, and analyst. He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC, Fox Business, Barron’s, and Yahoo! Finance…
But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.
That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet…
And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.
He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.
So you can see why CNBC’s Jim Cramer has said he’s learned to never bet against Marc.
