10 AI Stocks Worth Watching Today

2. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 234

Alphabet Inc. (NASDAQ:GOOG) is an American multinational technology conglomerate holding company wholly owning the internet giant Google, amongst other businesses. On February 24, Chegg Inc., an American education technology company, filed suit in federal district court against Google.

The company claims that Google’s artificial intelligence summaries of search results have negatively impacted its traffic and revenue. At the same time, Chegg is also weighing strategic options for its business, engaging with firms such as Goldman Sachs, and exploring options such as acquisition or going private.

“These two actions are connected, as we would not need to review strategic alternatives if Google hadn’t launched AI Overviews. Traffic is being blocked from ever coming to Chegg because of Google’s AIO and their use of Chegg’s content to keep visitors on their own platform”.

Chief Executive Officer Nathan Schultz said on Monday.

“Chegg has a superior product for education as evident by our brand awareness, engagement and retention. Unfortunately, traffic is being blocked from ever coming to Chegg because of Google’s AIO and their use of Chegg’s content to keep visitors on their own platform. We retained Goldman Sachs as the financial adviser in connection with strategic review and Susman Godfrey with respect to our complaint against Google.”