5 Cloud Computing Stocks to Watch As AI Arms Race Is Underway

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1. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 128

Upside Potential: 68.43%

Analyst Price Target: $141.73

At the end of the first quarter, 128 hedge funds were long Alibaba Group Holding Limited (NYSE:BABA). Their total stake value in the company was $5.9 billion.

Alibaba Group Holding Limited (NYSE:BABA) is a leading e-commerce company that also provides cloud computing services. In 2021, the company’s Alibaba Cloud was the third-largest infrastructure-as-a-service public cloud provider.

Fawne Jiang at Benchmark holds a Buy rating on Alibaba Group Holding Limited (NYSE:BABA) shares as of June 21, alongside a price target of $180.

Here’s what Baron Funds said about Alibaba Group Holding Limited (NYSE:BABA) in its first-quarter 2023 investor letter:

Alibaba Group Holding Limited (NYSE:BABA) is the largest retailer and e-commerce company in China. Alibaba operates shopping platforms Taobao and Tmall and owns 33% of Ant Group, which operates Alipay, China’s largest third-party online payment provider. Shares of Alibaba were up this quarter, given meaningful margin expansion, guidance to stabilize core commerce market share in China, and an announced plan to split the company into six units which could further unlock value. We retain conviction that Alibaba is well positioned to benefit from China’s reopening and the ongoing growth in online commerce and cloud in China.”

Follow Alibaba Group Holding Limited (NYSE:BABA)

See also 10 Stocks Jumping On The Generative AI Wagon and 10 AI Stocks Billionaires are Loading Up On.

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