Investors are watching Alphabet Inc Class C (NASDAQ:GOOG) as Google I/O 2024 Conference kicks off in Mountain View, California. Alphabet Inc Class C (NASDAQ:GOOG) revealed a host of new AI products during the event, including AI overviews. Alphabet Inc Class C (NASDAQ:GOOG) bulls have long believed it was just a matter of time the company would begin to deploy its full horsepower when it comes to AI. During the first quarter of 2024, Alphabet Inc Class C’s (NASDAQ:GOOG) revenue jumped about 15.4% year over year to $80.53 billion, driven by Google Search. Revenue from YouTube ads jumped 20.9% year over year to $8.09 billion.
Alphabet Inc Class C (NASDAQ:GOOG) shares have gained about 23% this year. The stock’s PE ratio stands at 26, still attractive when compared to peers like MSFT(36), AMZN (41) and TSLA(45).
Jim Cramer earlier this year recommended investors to buy Alphabet Inc Class C (NASDAQ:GOOG) shares on “any weakness.” Cramer also believes that Alphabet Inc Class C (NASDAQ:GOOG) is one of the most undervalued names in the Big Tech stock universe.
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Bronte Capital Amalthea Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its first quarter 2024 investor letter:
“Our biggest position is Alphabet Inc. (NASDAQ:GOOG), the holding company for Google. It is currently about 12 percent of funds under management. This has been a large position for over ten years.
We bought a large position in Google in October 20104, and the stock immediately dropped 11 percent.
That was an astonishingly good purchase and if we had held it all from October 2010 until the end of this month the gain would have been about 1300 percent.
Alas we did not hold it all. We have trimmed it many times – and it is now merely a large position. (We have lived to regret every single trim…)..” (Click here to read the full text)
Alphabet ranks 5th in our list of the 11 Best Jim Cramer Stocks to Buy Now. Click to see 4 Jim Cramer Stocks Better Than Alphabet.
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