Billionaire Dan Loeb bullish on AI, buying Amazon and Alphabet stocks

From Nasdaq: 2024-05-24 08:30:00

Recent analysis of hedge fund Third Point’s 13F filing show that billionaire Dan Loeb is bullish on AI, buying 900,000 shares of Amazon and 3 million shares of Alphabet. Amazon’s diversified business aims to integrate AI-powered services for further growth, while Alphabet’s data advantage is key in training its language model, Gemini. Both stocks offer potential upside in the AI landscape and are considered lucrative buys for long-term investors. Despite dominance in online advertising, Alphabet faces competition from Meta Platforms and TikTok. Google Cloud Platform is recording strong growth in cloud computing, positioning Alphabet as a key player in the AI realm. With a P/E ratio of 27.3, Alphabet shares appear undervalued and are expected to provide market-beating returns as AI continues to drive growth.



Read more at Nasdaq: Billionaire Investor Dan Loeb Just Loaded Up on These 2 “Magnificent Seven” Artificial Intelligence (AI) Stocks