33 Most Important AI Companies You Should Pay Attention To

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24. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 165

YTD Return as of August 1: 34%

Alphabet Inc. (NASDAQ:GOOG) is a California-based technology company that owns and runs the internet search engine Google. The firm is investing heavily in the AI space, developing several AI products, building AI data centers to power these products, and developing AI-focused chips. In late July, media reports indicated that Apple, one of the rivals of Alphabet in the software space, used AI chips designed by Google, a subsidiary of Alphabet, to build two key components of AI software infrastructure for a forthcoming suite of AI tools and features. This was in contrast to other tech giants who turned to NVIDIA for these chips.

Sundar Pichai, the CEO of Alphabet Inc. (NASDAQ:GOOG), said during the second quarter earnings call that year-to-date, the AI infrastructure and generative AI solutions for cloud customers offered by the company had already generated billions in revenues and were being used by more than 2 million developers.

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