Billionaires Are Crazy About These 5 Stocks

2. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 204

Number of Billionaire Investors: 32

Alphabet Inc. (NASDAQ:GOOGL) is one of the top stocks on the radar of billionaire investors. In the first quarter of 2023, Insider Monkey tracked 32 billionaire portfolios with Alphabet Inc. (NASDAQ:GOOGL) stakes. 

According to BofA analyst Justin Post maintained a Buy rating Alphabet Inc. (NASDAQ:GOOGL) with a price target of $128, noting that the integration of Bing into ChatGPT is seen as a potential threat to Google’s data advantage. However, BofA maintains that Google still possesses three key advantages – data, distribution, and AI-driven advertising technology. The firm also highlighted that Google recently unveiled AI tools at its “Marketing Live” event, enabling advertisers to generate unique text or display ads in real time. 

According to Insider Monkey’s first quarter database, 204 hedge funds were long Alphabet Inc. (NASDAQ:GOOGL), compared to 209 funds in the prior quarter. Billionaire Chris Hohn’s TCI Fund Management is a significant position holder in the company, with a stake worth $2.4 billion.

Diamond Hill Large Cap Strategy made the following comment about Alphabet Inc. (NASDAQ:GOOGL) in its Q1 2023 investor letter:

“We did have several strong performing stocks this quarter. Our top contributors to return included NVR, Amazon, Alphabet Inc. (NASDAQ:GOOG), Microsoft and Booking Holdings, all of which posted double-digit gains. Shares of media and technology giant Alphabet outperformed as the company announced expense discipline while continuing to invest in its core products of Google Search, YouTube and Google Cloud.”

Follow Alphabet Inc. (NASDAQ:GOOGL)