10 Best Cloud Stocks To Buy According to Hedge Funds

3. Alphabet Inc (NASDAQ:GOOG)

Number of Hedge Fund Investors: 202

Google Cloud is the cloud platform of Alphabet Inc (NASDAQ:GOOG) that has a 13% market share in Q3-24, up by 200 basis points from a year ago. This segment has been growing at a rapid rate of 35%, generating a quarterly revenue of $11.4 billion. With deep pockets and an inclination to venture into untapped markets, there have been a number of key developments that suggest that the cloud business will continue to thrive.

GOOG has invested $1 billion in the cloud infra of Dammam, Saudi Arabia and $2 billion in data centers across Malaysia. It has pumped an additional $1 billion into funding to Anthropic, an AI safety and research company that had already received $2 billion earlier. GOOG has been actively developing the cloud infrastructure across the globe and at the same time building partnerships with big firms like Walmart, Ford, CVS and Verizon. The investment in the cloud infrastructure of emerging countries also provides an opportunity to absorb smaller players into the cloud platform.