5 Stocks That Will Skyrocket

3. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 204

Alphabet shares could skyrocket in the future since the company has a diverse revenue stream, ranging from ads, Cloud, self-driving unit, futuristic projects, video, among many others. The company is investing heavily to evolve amid the changing landscape in the search industry. The company recently posted Q3 results. GAAP EPS in the period came in at $1.55, beating estimates by $0.10. Revenue in the period jumped 11.1% year over year to $76.79 billion, surpassing estimates by $980 million.

Madison Sustainable Equity Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2023 investor letter:

“Alphabet Inc. (NASDAQ:GOOG) continued to act well during the third quarter. Google’s second quarter was better than expected and showed both ad stabilization as well as progress on its cost structure. We continue to like Google’s position in Artificial Intelligence (AI), which it has been investing in and using across its core Search business, YouTube, and its ad quality systems. Google’s Cloud business is also expected to benefit as businesses expand their use of generative AI.”