5 Best Quantum Computing Stocks To Buy Now

3. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 152

Alphabet Inc. (NASDAQ:GOOG)’s Google Quantum AI is exploring the boundaries of quantum computing. Its software and hardware are tailored for the creation of innovative quantum algorithms aimed at addressing real-world challenges in the near future. Alphabet Inc. (NASDAQ:GOOG) is one of the top quantum computing stocks to consider. As the S&P 500 struggled to maintain a positive trend for the fifth consecutive trading day, Alphabet Inc. (NASDAQ:GOOG) was one of the stocks to reach a new 52-week high on October 12. 

According to Insider Monkey’s second quarter database, Alphabet Inc. (NASDAQ:GOOG) was found in 152 hedge fund portfolios, compared to 155 in the preceding quarter. Harris Associates is the largest stakeholder of the company, with a position worth $3.2 billion. 

Oakmark Global Select Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2023 investor letter:

“Alphabet Inc. (NASDAQ:GOOG)(U.S.) was the top contributor for the fiscal year. Alphabet reported multiple strong sets of earnings releases over the past year, and its results generally exceeded consensus estimates across key metrics. Most recently, search revenue growth accelerated from 5% to 6.5% sequentially in the second quarter, a notable development given lingering economic uncertainty and broader advertising weakness. Cloud growth remained at 30%, stable versus the previous quarter, despite continued headwinds from customers optimizing cloud usage. Margin progression also continued, and cloud margins reached 5%. CFO Ruth Porat emphasized that the largest impact from the company’s cost[1]saving initiatives will not be felt until 2024. YouTube continues to prioritize its Shorts segment, which is experiencing strong viewership growth. Although this is a near-term revenue headwind, we believe Shorts’ monetization will accelerate over time. Addressing the year’s hottest topic, CEO Sundar Pichai said Alphabet is an “AI-first company” that is “extremely well-positioned as AI reaches an inflection point.” At Alphabet’s annual developer conference in May, it showcased an impressive array of new AI-powered consumer tools to be rolled out over the course of the year. Investors reacted positively to these presentations, which highlighted the company’s impressive innovations in AI technologies. Overall, we believe the company is positioned well to reap the benefits of the scale of its search business and years of its investment into AI capabilities. We also appreciate that the company is undergoing a transformation on how it views cost discipline and efficiency.”