10 Best Internet of Things (IoT) Stocks to Buy

4. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 216

Alphabet Inc. (NASDAQ:GOOGL) has expanded its offerings to include IoT solutions. Through Google Home and Google Cloud’s IoT platform, the company provides consumers and businesses with the tools to build connected devices and leverage advanced data analytics.

In the second quarter, the cloud business achieved key milestones, with quarterly revenues exceeding $10 billion for the first time and surpassing $1 billion in operating profit. So far this year, their AI infrastructure and generative AI tools have contributed billions in revenue and are now being utilized by over 2 million developers. Moreover, in Q2 2024, Alphabet Inc. (NASDAQ:GOOGL) surpassed earnings expectations, reporting an EPS of $1.89, compared to the expected $1.85.

Analysts are predicting strong earnings growth in the coming years, making Alphabet Inc. (NASDAQ:GOOGL) an attractive investment. On average, the stock has a “Strong Buy” rating.

Here’s what Diamond Hill Capital said about Alphabet Inc. (NASDAQ:GOOGL) in its Q2 2024 investor letter:

“Among our top individual contributors in Q2 were Amazon, Texas Instruments and Alphabet Inc. (NASDAQ:GOOG). Media and technology company Alphabet also continued delivering strong results in its search, YouTube advertising, YouTube subscription and cloud businesses. Shares rose amid an environment that continues favoring mega-cap technology companies.”