Posted 2/12/2024, 10:50:00 AM
Ackman and Tepper Bet on Alphabet's AI Dominance Despite High Valuation
- Bill Ackman and David Tepper both own stock in Alphabet (Google's parent company), the only AI stock they both own
- Ackman was attracted to Alphabet's valuation after its stock dropped, as well as its strong AI credentials and data access
- Tepper has been steadily buying more Alphabet stock over the past year
- Alphabet recently launched its Gemini AI model which beats OpenAI's GPT-4, and introduced a subscription model for its Gemini Advanced service
- Despite a high valuation, Alphabet's growth prospects in areas like Google Cloud and AI justify investing in the stock