15 AI News Investors Should Not Miss

Page 11 of 14

4. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 165

Alphabet Inc. (NASDAQ:GOOG) is an American multinational technology conglomerate and the parent holding company of Google. The company is a strong player in the AI sector, innovating at “every layer of the AI stack, from chips to agents and beyond”.

Alphabet Inc. (NASDAQ:GOOG) announced its third-quarter results on October 29, 2024. The company beat analysts’ estimates on the top and bottom lines, driven by strong growth in its cloud business. In particular, Google CEO Sundar Pichai emphasized the growth of the cloud unit, noting that the company’s AI portfolio is enticing new customers and leading to larger deals. Cloud revenue for the quarter was $11.4 billion, up 35% from the same period last year, surpassing expectations. The excitement and potential around artificial intelligence means Google is all in on the AI craze, and it’s certainly helping its productivity, too. In the earnings call, Pichai noted how more than a quarter of new code created at Google is generated by AI. Using AI for coding has been boosting productivity and efficiency for the company.

“More than a quarter of all new code at Google is generated by AI, then reviewed and accepted by engineers”.

-CEO Sundar Pichai said on the company’s third quarter 2024 earnings call.

Page 11 of 14