Evercore Cuts Holdings in Alphabet Amidst AI Leadership Shake-Up

Evercore Wealth Management LLC has reduced its holdings in Alphabet Inc., selling 37,360 shares during the first quarter. The fund now owns 714,008 shares of GOOGL, which represents a 3.2% share of its portfolio. This is the sixth largest holding for Evercore Wealth Management LLC.

The total value of their holdings in Alphabet is $205.32 million, as per their most recent SEC filing. This reduction in holdings comes amidst various changes within the company's AI leadership and research teams. Longtime chief scientist Jeff Dean and three other senior AI researchers are leaving Google to launch an AI startup focused on automated research and drug design.

Other institutional investors have also made adjustments to their stakes in Alphabet. Brighton Jones LLC increased its position by 3.9% in the fourth quarter, while Revolve Wealth Partners LLC boosted its holdings by 3.5%. Matrix Asset Advisors Inc. NY grew its stake by 17.6%, and Sequoia Financial Advisors LLC expanded its position by 11.2%. United Bank also raised its holdings by 6.9%.