5 Best Magic Formula Stocks to Buy Now

4. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Investors As Of Q4 2023 end: 166

Gotham Asset Management’s Q4 2023 Stake: $51.8 million

Alphabet Inc. (NASDAQ:GOOG) is the mega cap technology giant best known for its search engine Google. However, it’s also one of the leading players in the artificial intelligence race. Yet, Alphabet Inc. (NASDAQ:GOOG)’s shares tanked in January 2024 as investors became uncomfortable with the high costs outlined by the firm to fuel its A.I. portfolio.

After digging through 933 hedge fund Q4 2023 investment portfolios, Insider Monkey discovered 166 Alphabet Inc. (NASDAQ:GOOG) shareholders. Ken Fisher’s Fisher Asset Management was the biggest investor as it held a $6.3 billion stake.

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