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Here’s Why Amalthea Fund is Holding Alphabet (GOOG)

Bronte Capital, an investment management company, released its “Amalthea Fund” first-quarter 2024 investor letter. A copy of the same can be downloaded here. The fund was flat in April (0.00%) compared to -2.79% for the MSCI ACWI (in $A). The fund is up 17% compared to 15.37% for the index for the Australian FY. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Bronte Capital Amalthea Fund featured stocks like Alphabet Inc. (NASDAQ:GOOG) in the Q1 2024 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) offers various platforms and services operates through Google Services, Google Cloud, and Other Bets segments. On May 14, 2024, Alphabet Inc. (NASDAQ:GOOG) stock closed at $171.93 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 9.59%, and its shares gained 41.53% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $2.1 trillion.

Bronte Capital Amalthea Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its first quarter 2024 investor letter:

“Our biggest position is Alphabet Inc. (NASDAQ:GOOG), the holding company for Google. It is currently about 12 percent of funds under management. This has been a large position for over ten years.

We bought a large position in Google in October 20104, and the stock immediately dropped 11 percent.

That was an astonishingly good purchase and if we had held it all from October 2010 until the end of this month the gain would have been about 1300 percent.

Alas we did not hold it all. We have trimmed it many times – and it is now merely a large position. (We have lived to regret every single trim…)..” (Click here to read the full text)

Photo by Firmbee.com on Unsplash

Alphabet Inc. (NASDAQ:GOOG) is in 7th position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Alphabet Inc. (NASDAQ:GOOG) was held by 166 hedge fund portfolios, compared to 163 in the previous quarter, according to our database.

In another article, we discussed Alphabet Inc. (NASDAQ:GOOG) and shared Jim Cramer and Ken Fisher favorite stock picks. Third Point Management, a New York-based investment advisor, expressed its optimism about Alphabet Inc.’s (NASDAQ:GOOG) exceptional business model and proven ability to maintain a dominant position in the market. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

Put another way, that’s roughly equal to:

  • 175 Teslas
  • 107 Amazons
  • 140 Metas
  • 84 Googles
  • 65 Microsofts
  • And 55 Nvidias

And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.

It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.

Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.

How could anything be worth that much?

The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.

And this breakthrough has already set off a frenzy among hedge funds and Wall Street’s top investors.

What most investors don’t realize is that one under-owned company holds the key to this $250 trillion revolution.

In fact, Verge argues this company’s supercheap AI technology should concern rivals.

Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.

  • Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.

Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…

But the real story isn’t Nvidia — it’s a much smaller company quietly improving the critical technology that makes this entire revolution possible.

And judging by what I’m hearing from both Silicon Valley insiders and Wall Street veterans…

This prediction might not be bold at all:

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