Platinum Asset Management, an investment management company, released its Q3 2025 investor letter for “Platinum International Technology Fund”. A copy of the letter can be downloaded here. The fund was up 6% in the third quarter, driven by strong performance from AI-oriented holdings. The portfolio holds around 30% of its stake in AI infrastructure stocks and is positioned to benefit from significant investment in the AI build-out. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2025.
In its third-quarter 2025 investor letter, Platinum International Technology Fund highlighted stocks such as Alphabet Inc. (NASDAQ:GOOG). Alphabet Inc. (NASDAQ:GOOG), the parent company of Google, offers various platforms and services operating through Google Services, Google Cloud, and Other Bets segments. The one-month return for Alphabet Inc. (NASDAQ:GOOG) was 5.03%, and its shares gained 61.84% over the last 52 weeks. On December 16, 2025, Alphabet Inc. (NASDAQ:GOOG) stock closed at $307.73 per share, with a market capitalization of $3.715 billion.
Platinum International Technology Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its third quarter 2025 investor letter:
“To date, the growth in OpenAI user engagement has come at the expense of Alphabet Inc. (NASDAQ:GOOG). Whilst Google Search still holds the largest search engine share, their share of total search queries is less than 70% (see Figure 3). We think this trend will continue as ChatGPT improves and the traditional search experience continues to degrade as the open internet is further inundated with low quality generative AI content and advertising.
Alphabet Inc. (NASDAQ:GOOG) is in the 7th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 186 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the third quarter which was 178 in the previous quarter. In the third quarter of 2025, Alphabet Inc. (NASDAQ: GOOG) achieved its first-ever $100 billion in revenue. While we acknowledge the potential of Alphabet Inc. (NASDAQ:GOOG) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
