Artificial intelligence (AI) promises to usher in a new era of labor productivity by automating a wide variety of business processes, from clerical work to coding. Indeed, Goldman Sachs says two-thirds of occupations could be partially automated with AI by 2030, and that could more than double the output of the average knowledge worker, according to Ark Invest.

Excitement surrounding AI has helped investors shake off the bear market blues. The S 500 has soared 19% year to date, leaving the index just 4% from a record high. In other words, the S 500 is very close to bull market territory. But the AI boom could send the stock market much higher in the years ahead, and because of its connection to AI, some Wall Street hedge fund managers are betting big on (NASDAQ: GOOGL) (NASDAQ: GOOG).

Specifically, billionaires David Tepper and Bill Ackman have more than 10% of their portfolios invested in the company, and fellow billionaire Chris Hohn has allocated more than 8% of his portfolio to Alphabet stock. Given their enormous net worth, it's fair to assume all three money managers know a thing or two about the stock market.

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Source Fool.com