5 Best AI Stocks to Buy for 2021 and Beyond

1. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 155

Alphabet Inc. (NASDAQ:GOOG) tops our list of the best AI stocks to buy for 2021 and beyond. It is an American multinational technology holding company that became the parent company of Google in 2015. The company deploys AI in its search engine, maps, calendar, and Gmail.

Recently, Alphabet Inc. (NASDAQ:GOOG) announced to invest over $1.2 billion in Germany to expand its cloud computing infrastructure and to increase the use of renewable energy by 2030. In Q2 2021, Alphabet Inc. (NASDAQ:GOOG) posted a GAAP EPS of $27.26, beating the consensus by $7.99. The company reported revenue of $61.8 billion, presenting a 61.6% year-over-year growth. Google Services revenue accounted for $57.06 billion of the gross revenue, versus the estimates of $51.9 billion. Recently, Jefferies lifted its price target on Alphabet Inc. (NASDAQ:GOOG)to $3,325, while keeping a ‘Buy’ rating on the shares.

As of Q2 2021, 155 hedge funds tracked by Insider Monkey have positions in Alphabet Inc. (NASDAQ:GOOG), compared with 159 in the previous quarter. The total value of these stakes is over $33.7 billion. Martin Taylor’s Crake Asset Management is the company’s largest shareholder with shares worth $76.1 billion.

Mawer Investment Management mentioned Alphabet Inc. (NASDAQ:GOOG) in its second-quarter 2021 investor letter. Here is what the firm has to say:

“Many higher growth companies reported strong results amid the pick-up in broad economic activity including Alphabet. These higher growth companies tend to have increased sensitivity to a change in discount rates and were supported as long-term interest rates stabilized over the period.”

You can also take a look at 10 Small-Cap AI Stocks and 12 Best Artificial Intelligence Stocks To Invest In Right Now

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