2 Top AI Stocks Prominent Billionaires Are Buying

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›Buying and holding shares of the best businesses in the world is the easiest way to build wealth over the long term. Some of the largest, most profitable companies in the world also just happen to be in a prime position to benefit from global adoption of artificial intelligence (AI), which is expected to add $15.7 trillion to the global economy by 2030, according to PwC.Investors wondering where to place their bets only have to look at the latest round of quarterly disclosures from the wealthiest investors. Billionaire fund managers are required to report their holdings on Form 13F with the Securities and Exchange Commission. Here are two dominant tech companies that prominent billionaires were buying in the second quarter.Image source: Getty Images.Stanley Druckenmiller bought a new position in Microsoft (NASDAQ: MSFT) for his Duquesne Family Office in the second quarter. Druckenmiller has led a successful career, previously managing billions in assets for clients before closing his hedge fund in 2010. Other billionaire fund managers, such as Daniel Loeb of Third Point and Chase Coleman of Tiger Global, were also adding to their firms' stakes in the stock last quarter.There's a lot to like about Microsoft. It has a long history of generating steady growth in revenue and profits. Over the past year, it generated $102 billion in net profit on $282 billion in revenue. While there's talk on Wall Street of a potential AI bubble, Microsoft continues to report strong financial results and point to opportunities that bolster the investment case.The reason to like Microsoft right now is that it is seeing strong demand for its Azure cloud service for enterprise. Revenue from Azure and other cloud services grew 39% year over year in the June-ending quarter. This is higher than the previous quarter's 33% growth."We will continue to invest against the expansive opportunity ahead across both capital expenditures and operating expenses, given our leadership position in commercial cloud, strong demand signals for our cloud and AI offerings, and significant contracted backlog," CFO Amy Hood said during the earnings call.What this means is that investors are likely still underestimating the demand for AI cloud infrastructure. AI is completely transforming how businesses operate, and we can see this in Microsoft's growing investment in data centers and technology. Its capital expenditures have more than doubled over the past two years to $64 billion, and Hood's statement suggests these investments will keep growing.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,460.26 -41.60 (-0.64%)Dow 3045,544.88 -92.02 (-0.20%)Nasdaq21,455.55 -249.61 (-1.15%)Russell 20002,366.42 -11.99 (-0.50%)VIX15.36 +0.93 (+6.44%)Gold3,516.10 +41.80 (+1.20%)PortfolioSign in to access your portfolioSign inTop gainersAMBA Ambarella, Inc. 82.48 +11.85 (+16.78%)IREN IREN Limited 26.48 +3.44 (+14.93%)BABA Alibaba Group Holding Limited 135.00 +15.43 (+12.90%)AFRM Affirm Holdings, Inc. 88.46 +8.47 (+10.59%)DOOO BRP Inc. 62.98 +5.49 (+9.55%)Top losersMRVL Marvell Technology, Inc. 62.87 -14.36 (-18.60%)CHA Chagee Holdings Limited 19.11 -2.89 (-13.14%)RMBS Rambus Inc. 73.77 -7.32 (-9.03%)DELL Dell Technologies Inc. 122.15 -11.90 (-8.88%)BLSH Bullish 59.03 -5.40 (-8.38%)Most activeWBA Walgreens Boots Alliance, Inc. 11.98 0.00 (0.00%)OPEN Opendoor Technologies Inc. 4.4500 +0.1800 (+4.22%)NVDA NVIDIA Corporation 174.18 -5.94 (-3.30%)LCID Lucid Group, Inc. 1.9800 -0.0900 (-4.35%)MRVL Marvell Technology, Inc. 62.87 -14.36 (-18.60%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersETH-USD Ethereum USD 4,479.60 +114.30 (+2.62%)DNUT Krispy Kreme, Inc. 3.5500 -0.0150 (-0.42%)BTC-USD Bitcoin USD 108,388.08 -92.78 (-0.09%)OKLO Oklo Inc. 73.64 -4.25 (-5.46%)SCHD Schwab U.S. Dividend Equity ETF 27.92 +0.10 (+0.36%)Top economic events