5 Best Edge Computing Stocks to Buy Now

4. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 152

Alphabet Inc. (NASDAQ:GOOG) is a major player in the technology industry. At its core is Google, a search engine that processes billions of queries daily. The company also owns various video streaming and productivity platforms, with YouTube being one of its notable assets. Furthermore, Alphabet Inc. (NASDAQ:GOOG) is involved in the retail of electronic devices, including smartphones, ultra-thin notebooks, and speakers. In terms of edge computing, the GDC Edge Appliance is a Google Cloud-managed, secure, high-performance appliance designed for edge locations. It offers local storage, machine learning inference, data transformation, and export capabilities. Alphabet Inc. (NASDAQ:GOOG) states that the Edge Appliance is aimed at enterprises operating in sectors such as manufacturing, supply chain, healthcare, and automotive, where there are demands for low-latency and high throughput solutions.

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.

Ensemble Capital Management made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2023 investor letter:

“Alphabet Inc. (NASDAQ:GOOG) (+9.32%): Separate from all the discussion of artificial intelligence, Google’s core Search business, having experienced a significant slowdown in 2022, now shows clear signs of reacceleration. While the future of AI and its impact on Google is still subject to a healthy debate, the company seems to have put to bed investor concerns about any rapid negative impact. With Search revenue growth accelerating, and the company rolling out lots of new AI tools, the investor panic from the beginning of the year about AI immediately hurting Google appears to have been overblown.”