Forget Nvidia: Billionaire Bill Ackman Owns $1.9 Billion Worth of This Artificial Intelligence (AI) Stock Instead
Nvidia (NASDAQ: NVDA) is arguably the world's most popular artificial intelligence (AI) stock, as evidenced by its 215% gain in the past year alone. It's not a claim without merit, because the company's revenue more than doubled in fiscal 2024 (which ended Jan. 28) on the back of its industry-leading AI data center chips.
But if investors want to know where the AI industry is headed next, it can be helpful to know where billionaires are putting their money. Bill Ackman, for example, manages a $10 billion stock portfolio for his hedge fund, Pershing Square Capital Management, and he doesn't own Nvidia at all.
Instead, Ackman owns a $1.9 billion position in Google parent Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL). Not only has he made solid gains on that investment already, but the stock is also still cheap and could be poised for further upside thanks to the company's AI initiatives.
Source Fool.com
Alphabet Inc. C Stock
With 27 Buy predictions and not a single Sell prediction Alphabet Inc. C is an absolute favorite of our community.
As a result the target price of 170 € shows a slightly positive potential of 9.62% compared to the current price of 155.08 € for Alphabet Inc. C.
