5 Best Big Data Stocks To Buy Now

3. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 204

Value of Hedge Fund Holdings: $17,286,889,000

Market Capitalization: $1.66 trillion

Alphabet Inc. (NASDAQ:GOOGL) utilizes Big Data analytics internally to analyze petabytes of data generated from its various services like Search, Maps, Gmail, YouTube, and Cloud. The company has extensive expertise and technologies focused on storage, processing, analytics, and machine learning. Furthermore, Google’s parent company is leveraging the power of Big Data and robotics to combat food shortages globally, as the world population is expected to reach 10 billion by 2050.

Here’s what Artisan Partners said about Alphabet Inc. (NASDAQ:GOOGL) in its Q2 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.”