Alphabet's stock proved a favorite pick among funds during the first quarter, suggesting that notable managers weren't sweating the threat of AI competition.
Alphabet Inc.’s stock proved a favorite pick among investment funds during the first quarter, suggesting that notable managers weren’t sweating the threat of artificial-intelligence competition that dogged the name at various points during the period.
Several investment funds opened up new positions in the Google parent company during the quarter, recent 13-F filings revealed. One was Bill Ackman’s Pershing Square Capital Capital Management LP, which showed a fresh stake in Alphabet’s Class A GOOGL and Class C shares GOOG worth $1.066 billion combined as of the end of the first quarter.Daniel Loeb’s Third Point LLC bought a new stake of 4.75 million Class A Alphabet shares during the first quarter, worth $492.
The purchases came during a quarter when Alphabet shares lagged those of Big Tech peers Apple Inc. AAPL , Microsoft Corp. MSFT , Amazon.com Inc. AMZN and Meta Platforms Inc. META , though Alphabet shares were up more than 17% in the period.
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