From Nasdaq:

Bill Ackman, one of the most successful investors in the world, has a net worth of $4 billion. His hedge fund, Pershing Square Capital Management, usually doesn’t invest in tech stocks. But Ackman made an exception by investing in Alphabet, his favorite artificial intelligence (AI) stock. Pershing Square owns 4.4 million Class A shares and 9.4 million Class C shares of Alphabet, worth over $1.9 billion.

Alphabet is Ackman’s only AI stock. This and the fact that Alphabet makes up two of his top stock holdings indicate that it is his favorite AI stock.

Alphabet’s competitive advantages and AI dominance convinced Ackman to invest, especially after a brief stock decline in 2023. Alphabet’s significant rise in 2023 makes it the billionaire investor’s no-brainer stock for 2024. The company’s new Gemini Ultra AI model demonstrates its intention to maintain its leading position in the AI market.

Besides AI, the improved U.S. economy supports Alphabet’s advertising business, which generated nearly 78% of its total revenue in Q3 of 2023. While a repeat of 2023’s gains isn’t guaranteed, the future looks promising for Alphabet. It may continue to perform well if the overall stock market does.

The Motley Fool’s Stock Advisor analyst team has identified the 10 best stocks for investors to buy now and Alphabet wasn’t one of them.

Alphabet has not only positioned itself as a leader in the AI market but also stands to benefit from the improving U.S. economy, making it an investor’s top pick for 2024.



Read more: Here’s Billionaire Investor Bill Ackman’s Favorite Artificial Intelligence (AI) Stock — and Why It’s a No-Brainer Buy for 2024