Analysts Say These 5 AI Stocks Will Skyrocket in 2024

3. Alphabet Inc Class A (NASDAQ:GOOGL)

Number of Hedge Fund Investors: 221

In December, Barron’s said Alphabet Inc Class A (NASDAQ:GOOGL) could be the best bet among the Magnificent Seven stocks in 2024. Barron’s said Alphabet Inc Class A (NASDAQ:GOOGL) earnings are expected to rise faster than expected. Barron’s also talked about Alphabet Inc Class A’s (NASDAQ:GOOGL) attractive valuation when compared to peers.

Sarah Kunst, Managing Director at Cleo Capital, talked to CNBC in December and said Alphabet Inc Class A’s (NASDAQ:GOOGL) AI business is “wildly undervalued.” Kunst thinks Alphabet Inc Class A (NASDAQ:GOOGL) does not need to launch a standalone AI product as it can integrate AI with its existing products.

Diamond Hill Long-Short Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2023 investor letter:

“On an individual holdings’ basis, top contributors to return in Q3 included long positions in KKR, Ciena Corporation and Alphabet. Shares of media and technology company Alphabet Inc. (NASDAQ:GOOG) rose in the quarter as its advertising and cloud businesses remain robust and the company delivered results ahead of market expectations. From a sector perspective, communication services also managed a positive Q3 (2%), riding the ongoing wave of positive mega-cap stocks’ performance, like Alphabet.”