Core Insights - Pelican Bay Capital Management (PBCM) reported a strong performance in its fourth-quarter 2025 investor letter, with its Concentrated Value Strategy returning 8.5%, outperforming the Russell 1000 Value Index which returned 3.8% [1] - The strategy's full-year return was 20.6%, compared to 15.9% for the Index, driven by AI-related stocks and commodities exposure [1] Company Performance - Alphabet Inc. (NASDAQ:GOOG) was highlighted as a significant contributor to PBCM's strategy performance in the fourth quarter [2] - As of February 5, 2026, Alphabet's stock closed at $331.33 per share, with a market capitalization of $4.008 trillion, and a one-month return of 0.67% [2] - Over the last 52 weeks, Alphabet's shares gained 77.05% in value [2] AI Transition and Market Position - Alphabet Inc. has been recognized as one of the biggest beneficiaries of the AI transition, with its Gemini Large Language Model (LLM) being a leading model alongside Claude and ChatGPT [3] - The perception of Alphabet has improved significantly since the initial purchase in March 2023, when there were concerns about missing the AI boom and potential deterioration of its search monopoly [3] Hedge Fund Interest - Alphabet Inc. ranks 7th on the list of the 30 Most Popular Stocks Among Hedge Funds, with 186 hedge fund portfolios holding its stock at the end of the third quarter, up from 178 in the previous quarter [5] - In 2025, Alphabet achieved its first-ever $400 billion annual revenue [5]