Shares of (NASDAQ: GOOG) (NASDAQ: GOOGL) rose as much as 3.6% in Tuesday trading before settling into a 2.7% gain for the day, as the overall market was down.

Today's move follows on a streak for the search leader, in which Alphabet has rallied by double digits in May. The company had already received a nice bounce following its I/O conference on May 10, during which management showcased new devices and updated investors on the extent of its AI investments.

Alphabet had sold off in the first quarter amid fears that OpenAI's ChatGPT could be incorporated into Microsoft's (NASDAQ: MSFT) rival Bing search engine, potentially disrupting Google's dominant search franchise. However, it appears that at least several well-known hedge fund managers didn't buy into those fears.

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Source Fool.com