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Is Alphabet Inc. (GOOG) The Best AI Stock Pick of Billionaire Steve Cohen?

Insider Monkey recently analyzed billionaire Steve Cohen’s latest portfolio to see some of his top AI stock picks.

Since Alphabet(GOOG) ranks 5thth in our list of the 10 Best AI Stock Picks of Billionaire Steve Cohen, the stock deserves a detailed look.

Billionaire Steve Cohen is one of the few hedge fund managers who almost always dazzles with his outperformance and prescient bets. Cohen, who also owns The New York Mets, founded SAC Capital back in 1992, and since then through 2009 lost money only once. A Bloomberg report earlier this year said that Point72 Asset Management has been able to raise so much cash recently that it’s starting to decline external money. The fund has reportedly raised about about $12.8 billion since 2020.

Point72’s main fund returned about 11% in 2023, and 12% in the previous year.

Billionaire Steve Cohen’s Point72 Asset Management runs a highly diversified portfolio. As of the end of the March quarter, the portfolio’s net worth was over $41.2 billion, with tech stocks accounting for 17% of the total portfolio.

Unlike long-term value investors like Warren Buffett and Seth Klarman, Cohen moves with speed and adapts quickly. He’s been like this for decades. When he was in Wharton School of the University of Pennsylvania, he would often skip classes to watch stock movements at a local brokerage. He took pride in predicting stock movements based on their direction.

Point72 Brings Macro Teams on Board

Cohen, worth over $19 billion, is yet again adapting to the quickly changing global financial landscape as investors demand steady returns. Earlier this year, it was reported that Cohen and his team is expanding macro teams at Point72 as the global economy resets to the new era of high interest rates. The report said that the fund would establish as many as 51 macro trading teams.

Alphabet Inc. (NASDAQ:GOOG)

Steve Cohen‘s Q1’2024 Stake: $258,046,983

Alphabet Inc. (NASDAQ:GOOG) has become a top horse in the AI race, albeit with reactive approach, as Alphabet Inc. (NASDAQ:GOOG) continues to unleash AI features in its products. Steve Cohen increased his stake in Alphabet Inc. (NASDAQ:GOOG) by 443% in the first quarter of 2024, concluding the period with a $258 million stake in Alphabet Inc. (NASDAQ:GOOG).

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)

While Alphabet Inc. (NASDAQ:GOOG) is a notable AI stock pick of Cohen, it’s not the best one.

Alphabet ranks 5th in our list of the 10 Best AI Stock Picks of Billionaire Steve Cohen.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. Is Alphabet Inc. (GOOG) The Best AI Stock Pick of Billionaire Steve Cohen? was originally published on Insider Monkey

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

The whispers are turning into roars.

Artificial intelligence isn’t science fiction anymore.

It’s the revolution reshaping every industry on the planet.

From driverless cars to medical breakthroughs, AI is on the cusp of a global explosion, and savvy investors stand to reap the rewards.

Here’s why this is the prime moment to jump on the AI bandwagon:

Exponential Growth on the Horizon: Forget linear growth – AI is poised for a hockey stick trajectory.

Imagine every sector, from healthcare to finance, infused with superhuman intelligence.

We’re talking disease prediction, hyper-personalized marketing, and automated logistics that streamline everything.

This isn’t a maybe – it’s an inevitability.

Early investors will be the ones positioned to ride the wave of this technological tsunami.

Ground Floor Opportunity: Remember the early days of the internet?

Those who saw the potential of tech giants back then are sitting pretty today.

AI is at a similar inflection point.

We’re not talking about established players – we’re talking about nimble startups with groundbreaking ideas and the potential to become the next Google or Amazon.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 10,000% Return: This AI Stock is a Diamond in the Rough (But Our Help is Key!)

The AI revolution is upon us, and savvy investors stand to make a fortune.

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Our research team has identified a hidden gem – an AI company with cutting-edge technology, massive potential, and a current stock price that screams opportunity.

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A New Dawn is Coming to U.S. Stocks

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.

Marc’s been a trader, stockbroker, and analyst. He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC, Fox Business, Barron’s, and Yahoo! Finance…

But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.

That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet…

And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.

He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.

Click to continue reading…