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.

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Source Fool.com