10 Best AI Stock Picks of Billionaire Steve Cohen

2. Broadcom Inc. (NASDAQ:AVGO)

Steve Cohen‘s Q1’2024 Stake: $623,426,475

Broadcom Inc. (NASDAQ:AVGO)  is one of the best AI stock picks of billionaire Steve Cohen. Point72 Asset Management bought a new stake in the semiconductor company in the March quarter, worth about $623 million.

Citi analyst Christopher Danley recently said in a note that he remains “wildly bullish” on semiconductor stocks. The analyst reiterated his top picks in the industry, and Broadcom Inc. (NASDAQ:AVGO) was one of them.

Insider Monkey’s database of 919 hedge funds shows that 115 hedge funds reported owning stakes in Broadcom Inc. (NASDAQ:AVGO)  as of the end of March, up from 91 hedge funds in the previous quarter. This shows a clear increase in hedge fund sentiment for Broadcom Inc. (NASDAQ:AVGO).

Carillon Eagle Growth & Income Fund stated the following regarding Broadcom Inc. (NASDAQ:AVGO) in its fourth quarter 2023 investor letter:

“Broadcom Inc. (NASDAQ:AVGO) traded higher after closing on its acquisition of VMware. The company also announced earnings that were relatively in line with estimates with some benefit of better operating expenses. The stock appears to be one of the first real beneficiaries of generative artificial intelligence (AI) with meaningful revenue expected to show up in 2024.”