5 Best Bear Market Stocks To Buy Now

2. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 152

Alphabet Inc. (NASDAQ:GOOG) stands as a prominent technology giant. At the core of its operations lies Google, a search engine that handles billions of queries every single day. The firm also encompasses an array of video streaming and productivity platforms, including Youtube. Additionally, the company engages in the sale of electronic devices such as smartphones, ultra-thin notebooks, and speakers.

As of July 13, John Blackledge at TD Cowen continues to uphold an Outperform rating and sets a price target of $140 for Alphabet Inc. (NASDAQ: GOOG).

As the close of the second quarter of 2023, 152 hedge funds had stakes in Alphabet Inc. (NASDAQ:GOOG). The most significant stakeholder of the company was Natixis Global Asset Management’s Harris Associates which owns a $3.21 billion stake in the company.

Here’s what Artisan Partners said about Alphabet Inc. (NASDAQ:GOOG) in its second-quarter 2023 investor letter:

“Our best performing stocks this quarter were Meta, Alphabet Inc. (NASDAQ:GOOG) and Heidelberg Materials. The rise in Alphabet’s share performance was primarily driven by the AI frenzy. Earlier this year, there were some doubts about Alphabet’s ability to compete with OpenAI’s ChatGPT product. This was a bit ironic since Alphabet has been using AI technology to improve its Google search results and advertising business for years. Indeed, the technology that underpins OpenAI’s ChatGPT actually came from Alphabet more than five years ago. But sometimes the market needs a reminder, and Alphabet provided tangible evidence of its capabilities. At a recent developer conference, it launched Bard, a consumer-oriented generative AI version of its search engine, as well as several other concrete examples of how AI could improve its current business. As with Meta, the long-term implications of AI on Alphabet’s business model are still far from certain. But we do believe that it is a technology leader in this field and will participate in whatever direction the technology develops.”