5 Best Artificial Intelligence (AI) Stocks To Buy According to Hedge Funds

In this piece, we will take a look at the five best artificial intelligence stocks to buy according to hedge funds. For more top AI stocks, head on over to 15 Best Artificial Intelligence (AI) Stocks To Buy According to Hedge Funds.

5. ServiceNow, Inc. (NYSE:NOW)

Number of Hedge Fund Investors In Q1 2023: 96

ServiceNow, Inc. (NYSE:NOW) is a technology company headquartered in Santa Clara, California. The firm’s artificial intelligence platform is called Now Intelligence. It uses raw information and data to make predictions and automate processes.

Insider Monkey’s first quarter of 2023 survey covering 943 hedge funds found that 96 had held a stake in ServiceNow, Inc. (NYSE:NOW) . Out of these, the firm’s largest hedge fund investor is Rajiv Jain’s GQG Partners which owns 1.5 million shares that are worth $713 million.

4. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Investors In Q1 2023: 132

NVIDIA Corporation (NASDAQ:NVDA) is a graphics processing unit designer and seller. Its products sit at the heart of the ongoing artificial intelligence revolution, as they enable firms to train and deploy their AI models. NVIDIA’s GPUs rose to prominence earlier this year when it was revealed that they had powered Chat GPT.

132 of the 943 hedge funds part of Insider Monkey’s database had invested in the company during 2023’s March quarter. NVIDIA Corporation (NASDAQ:NVDA)’s largest shareholder is Ken Fisher’s Fisher Asset Management with a $2.7 billion stake.

3. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Investors In Q1 2023: 204

Alphabet Inc. (NASDAQ:GOOGL) is a technological giant. It has a variety of services in its portfolio, and one of these is the Google Bard AI platform. Bard is a real time chatbot that uses artificial intelligence, and Google has its own AI division with a host of different projects.

By the end of Q1 2023, 204 of the 943 hedge funds profiled by Insider Monkey had bought Alphabet Inc. (NASDAQ:GOOGL)’s shares. Ken Fisher’s Fisher Asset Management is its largest investor with a $4.3 billion stake.

2. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Investors In Q1 2023: 243

Amazon.com, Inc. (NASDAQ:AMZN) is a silent player in artificial intelligence. While known primarily for its electronic commerce platform, it also provides ready made artificial intelligence platforms under the Amazon Web Services platform.

After scouring through 943 hedge funds for their latest portfolios, Insider Monkey discovered that 243 had bought Amazon.com, Inc. (NASDAQ:AMZN)’s shares. Out of these, the biggest investor is Ken Fisher’s Fisher Asset Management with a $4.2 billion stake.

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Investors In Q1 2023: 289

Another big tech firm and yet another important player in the artificial intelligence industry is Microsoft Corporation (NASDAQ:MSFT). It has several different artificial intelligence platforms, including Azure AI which provides services to researchers and data scientists.

As of March 2023, 289 of the 943 hedge funds part of Insider Monkey’s database had invested in the firm. Microsoft Corporation (NASDAQ:MSFT)’s largest hedge fund shareholder is Michael Larson’s Bill & Melinda Gates Foundation Trust since it has a $11.3 billion investment.

Disclosure: None. You can also take a look at 10 Best Auto Stocks To Buy Now and Top 20 Most Expensive Cars of All Time.

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