5 Stocks ChatGPT Says Will Make Me Rich in 10 Years

3. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 209

Alphabet Inc. (NASDAQ:GOOGL) is another communication services company on our list, offering products and platforms such as Android software, Chrome explorer, and more. The company is based in Mountain View, California.

As of February 10, Jefferies’ analyst Brent Thill holds a Buy rating on Alphabet Inc. (NASDAQ:GOOGL) shares.

Alphabet Inc. (NASDAQ:GOOGL) shares have risen by 5.44% year-to-date as of March 15. The company had about $113 billion in cash and short-term investments as of this March. Analysts see an upside potential of 37.7% on the shares.

Out of the 943 hedge funds tracked in the fourth quarter, 209 funds were long Alphabet Inc. (NASDAQ:GOOGL), with a total stake value of $18.9 billion.

Weitz Investment Management, an investment management firm, mentioned Alphabet Inc. (NASDAQ:GOOGL) in its fourth-quarter 2022 investor letter. Here’s what the firm said:

“Unfortunately, the performance story of the year is told by the Fund’s detractors. Now, weakening ad spending across all channels has added insult to injury, and concerns have spread to the other dominant digital ad player, Alphabet Inc. (NASDAQ:GOOG) — parent of Google and YouTube.

Meta, Alphabet, Amazon and CarMax were all top detractors for the quarter and calendar year periods (FIS and Liberty Broadband, respectively, complete the quarterly and calendar-year detractor lists.) To varying degrees, each is managing through cyclical challenges during a period of substantial investor pessimism. Drawdowns of this magnitude are painful, and it may be prudent for management to moderate the pace of some investments, but we remain encouraged by their long-term focus. In the short run, cutting spending indiscriminately to “defend earnings” may lessen the pain of a drawdown, but it seldom grows a company’s business value — the ultimate prize.”