10 Best Artificial Intelligence (AI) Stocks To Buy According to Financial Media

4. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 222

Alphabet Inc. (NASDAQ:GOOGL) is a big tech company based in Mountain View, California. The company uses artificial intelligence in almost every aspect of its business. In 2023, Alphabet Inc. (NASDAQ:GOOGL) also launched its own AI chatbot by the name of Bard, which was followed by the launch of the Gemini AI model in December 2023. In May 2024, Alphabet Inc. (NASDAQ:GOOGL) continued its AI product launches with the announcement of its AI Overview, a model that provides AI-generated summaries at the top of Google search results. These product offerings highlight the versatility of Alphabet Inc. (NASDAQ:GOOGL) in the AI space, which is an essential quality for any tech company operating in the AI space today. This makes Alphabet Inc. (NASDAQ:GOOGL) a particularly attractive AI stock to consider investing in today.

Alphabet Inc. (NASDAQ:GOOGL) was seen in the portfolios of 222 hedge funds in the first quarter, with a total stake value of $32.3 billion.

The London Company mentioned Alphabet Inc. (NASDAQ:GOOGL) in its second-quarter 2024 investor letter:

“Alphabet Inc. (NASDAQ:GOOG) – GOOG was a top performer this quarter as it reported strong Search revenue, tighter cost controls, and momentum in Cloud. Both direct and brand Search ads were better than expected and the strength in YouTube monetization continues. Expense controls have translated to 700bps of margin improvement. Management is removing layers to improve efficiency, which should drive margins higher. GOOG also provided details on paths to monetize Al for advertisers. GOOG initiated a dividend during the quarter to return additional cash to shareholders. It has a solid balance sheet, significant market share, and generates strong returns.”