What's the most worrisome problem about investing in a hot new area? It's that the companies that emerge as early leaders might not have staying power. You could end up pouring money into a stock that turns out to be a dud while missing out on the real winners.

This fear is likely on the minds of some who are looking to take advantage of the booming interest in artificial intelligence (AI). However, one famous investor believes that at least one early AI leader won't be a flash in the pan. Billionaire Bill Ackman said he thinks there's at least one stock that will be "a dominant player in AI" for a very long time.

Ackman, who is CEO of hedge fund Pershing Square Capital Management, spoke on Sept. 28 at the CNBC Delivering Alpha conference. He told CNBC's Scott Wapner that he began scooping up shares of Google parent Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) earlier this year. The stock now ranks as Pershing Square's second-largest holding.

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Source Fool.com