8 Good Stocks To Buy Right Now

2. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 216

Alphabet Inc. (NASDAQ:GOOGL) is one of the biggest technology companies in the world. It owns a range of products, including Google Search, Google Maps, YouTube, Google Cloud, and Wyamo.

Alphabet Inc. (NASDAQ:GOOGL) reported solid earnings in the second quarter of 2024. Its CEO, Sundar Pichai suggests that its performance was largely driven by its growing momentum in search and clod. The company logged nearly $85 billion in revenue, of which search and cloud exceeded $10 billion for the first time in quarterly revenue. The company highlights that it is investing to innovate every layer of the AI stack.

On the technology hardware front, its processing units currently account for almost 20% of the market, however, its advancements promise higher market shares in the future. In addition to that, its six-generation chips are 67% more energy efficient compared to the previous generation of processors and its new set of chips will be made available to Google Cloud users by the end of 2024.

Alphabet Inc. (NASDAQ:GOOGL) logged revenue worth $85 billion in the fiscal second quarter of 2024, driven by the growing momentum in cloud and search. The technology giant is well-positioned to benefit from the next wave of artificial intelligence and innovation, making it a solid investment. Overall, 216 investors held stakes worth $35.31 billion in Alphabet Inc. (NASDAQ:GOOGL) as of Q2 2024, according to the Insider Monkey database.

Patient Capital Management mentioned Alphabet Inc. (NASDAQ:GOOG) in its Q2 2024 investor letter“

“Alphabet Inc. (GOOGL) was a top contributor in the second quarter, finally catching up to its peers in the Magnificent 7. The company gained 20.8% in the period following strong first quarter earnings, a new $70B repurchase program (3% of shares outstanding) and the initiation of a cash dividend ($0.20 per share; 0.42% yield). We continue to believe the market underappreciates Google’s exposure to AI with its Gemini model being integrated into search results, YouTube advertising and its cloud offering. We continue to think that the cloud players will be the AI winners in the long-term, with Google being well positioned to take advantage. While the company trades at 24x 2024 earnings, if you remove the money-losing and under-earning businesses, you realize that you are paying below a market multiple for the core Google business. We do not believe there are many other AI winners trading at such an attractive multiple.”