5 Best Reddit Stocks to Buy Now

3. Alphabet Inc (NASDAQ:GOOG)

Number of Hedge Fund Investors: 166

While Redditors believe Alphabet Inc (NASDAQ:GOOG) might need a serious restructuring and efficiency push, they do think Alphabet Inc  (NASDAQ:GOOG) stock is undervalued and the fears around Alphabet Inc (NASDAQ:GOOG) search business are overdone. Redditors think Alphabet Inc  (NASDAQ:GOOG) has a lot of headway in the AI race. They also like Alphabet’s (NASDAQ:GOOG) Cloud business and YouTube. Retail investors on Reddit also point out that many AI search engines are using Alphabet Inc Class C’s (NASDAQ:GOOG) data to answer user queries.

The FPA Crescent Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its fourth quarter 2023 investor letter:

Alphabet Inc. (NASDAQ:GOOG) continued going from strength to strength during 2023 despite concerns that competition may infringe on the company’s dominant position in Search. Thus far, Alphabet has continued to hold its own, and we look forward to seeing how the company incorporates further AI developments across the Alphabet ecosystem. Lastly, we are hopeful that the impending arrival of a new CFO will bring a renewed focus on efficiency – an area where we believe Alphabet has ample room for improvement.”