Billionaire Daniel Loeb Is Buying This Oversold Artificial Intelligence (AI) Stock -- Should You Be, Too?

Billionaire Daniel Loeb of Third Point Management is known as a value investor, and last quarter he was picking up shares of beaten-down tech giant Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG). Alphabet's stock is down about 13% year to date as of this writing, as investors worry about the future impact of artificial intelligence (AI) on its search business.However, Loeb has a different view and bought $453 million worth of Alphabet stock in the quarter. Here's why. Loeb wrote exactly why he was buying Alphabet stock in Third Point's first-quarter letter to investors. These investment letters are common in the hedge fund industry and give investors a quarterly update on a fund's investment performance. Portfolio managers will also often highlight a few investment ideas or talk about the current investing or macro environment in these letters.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool