5 AI Stocks Billionaires are Loading Up On

2. Alphabet Inc. (NASDAQ:GOOGL)

Number of Billionaire Investors: 32

Alphabet Inc. (NASDAQ:GOOGL) is a major beneficiary of the AI boom. Alphabet Inc. (NASDAQ:GOOGL) already has an edge in the market since it has been investing heavily in the AI space over the past few years. Alphabet Inc. (NASDAQ:GOOGL) has already revealed its plans to revamp its search to integrate AI. According to the latest Reuters report Alphabet Inc. (NASDAQ:GOOGL) entered a deal with Priceline to allow the travel platform to use its AI-based chatbot to assist Priceline customers. The chatbot will help Priceline customers with tasks like flight searches, hotel suggestions, and personalized trip itinerary design.

Insider Monkey’s proprietary database of billionaires shows that 32 billionaires had stakes in Alphabet Inc. (NASDAQ:GOOGL) as of the end of March. Some of them include Chris Hohn, Ken Griffin, and Rajiv Jain.

Lakehouse Global Growth Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its April 2023 investor letter:

“Alphabet Inc. (NASDAQ:GOOG) reported a modest quarterly result, with revenue and earnings per share up 2.6% and down 4.9% year-on-year, respectively. It was a mixed quarter with a weak advertising market offset by strong momentum in Google Cloud and growth in the YouTube subscription business. Advertisers continued to pull back on spending during the period, though we are starting to see quarter-on-quarter improvements in the performance of Google Search and YouTube ads. The highlight of the quarter was Google Cloud’s strong operational results, with revenues up 28% while posting profitability. This was driven by strong relationships with large enterprises and the partner ecosystems that have been built over the past four years. Moving forward, the opportunity for Alphabet to deliver consistent profitable growth relies on its ability to control costs and improve productivity. The recent restructuring round is a step in the right direction and we believe that management will be able to efficiently manage its costs while going after growth opportunities.”