Hedge Fund Manager Charles Paquelet’s Top 5 Tech Stock Picks

2. Alphabet Inc Class C (NASDAQ:GOOG)

Skylands Capital’s Stake Value: $18,425,088

Skylands Capital owns an $18.4 million stake in Alphabet Inc Class C (NASDAQ:GOOG) as of the end of the third quarter of 2023.

A total of 221 hedge funds tracked by Insider Monkey had stakes in Alphabet Inc Class C (NASDAQ:GOOG) as of the end of the third quarter of 2023.

Ensemble Capital Management stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its fourth quarter 2023 investor letter:

Alphabet Inc. (NASDAQ:GOOG) (8.52% weight in the Fund): Google’s earnings report in October showed its core advertising business accelerating to double digit growth as the digital advertising recession of 2022 and early 2023 fades away. However, the company’s Cloud division, which is expected to generate growth from selling access to artificial intelligence services, saw its growth rate slow modestly. Juxtaposed with Microsoft’s Cloud business seeing growth pick up slightly, investors sold off Google’s stock on the report. While the stock recovered to new highs by the end of the year, the earnings report set back caused the stock to trail behind the S&P 500 with a gain of 6.8% for the quarter.”