From Nasdaq: 2024-11-14 04:36:00

Artificial intelligence (AI) continues to make waves on Wall Street, with the potential to revolutionize numerous industries worldwide. PwC forecasts a 26% increase ($15.7 trillion) in global GDP by 2030 solely from AI advancements.

Despite AI’s promise, top investors have mixed feelings about AI stocks, as shown in 13F filings. Alphabet’s 13F revealed a 42-stock, $1.84 billion portfolio as of September, with notable trades in the AI sector.

Alphabet made a significant move by reducing its stake in Snowflake by 79% during the third quarter. While Snowflake faces valuation concerns, its innovative cloud-based platform and incorporation of AI technology offer long-term potential.

On the flip side, Alphabet quadrupled its stake in AI-driven SaaS provider Freshworks, positioning itself to benefit from the growing demand for CRM solutions. Freshworks’ integration of AI technology and strong sales growth indicate a promising future.

Freshworks’ sales were boosted by AI technology, leading to a 22% increase in the September-ended quarter. With a growing customer base and strong revenue retention, Freshworks is poised for sustained double-digit sales growth.

Don’t miss the opportunity to invest in potential high-growth stocks. Learn from past successes like Amazon, Apple, and Netflix, and consider “Double Down” alerts for companies that could be the next big winners.

Disclaimer: The author’s views may not reflect those of Nasdaq, Inc. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Sean Williams has positions in Alphabet, and The Motley Fool has positions in Snowflake.



Read more at Nasdaq: Google Parent Alphabet Sold 79% of Its Stake in Snowflake and Is Piling Into This Supercharged Artificial Intelligence (AI) Stock Instead