Alphabet Inc.'s (GOOG) Google and Facebook Inc. (FB) aren’t only in a battle for online advertising dominance, they are also neck-and-neck when it comes to which gets the most love from hedge funds.

With both companies in a dead heat among the number of hedge funds that own positions in the social media and online search concerns, Google was able to push its rival aside during the second quarter. That’s according to Citi Research, which looked at the top 10 holdings of hedge funds and found that 16 held shares of Alphabet compared to 15 that owned a position in Facebook, as of the three-month period ended in June.

According to Citi analyst Tobias Levkovich, the social media giant lost its edge beginning in the first quarter of this year. In the second quarter of last year it was tied for first place. In 2017, it is giving up ground to the likes of Time Warner Inc. (TWX) and NXP Semiconductors NV (NXPI). (See also: Why Facebook Stock at $230 Is Simply Too Rich.

Less Love for Apple, Microsoft

"Six of the top seven names owned by hedge funds are in the Information Technology sector," said Levkovich in a research note to clients that was covered by CNBC. Microsoft Corp. (MSFT), a favorite among mutual funds, and Apple Inc. (AAPL), didn’t do as well with hedge funds as their technology brethren. Citi found only eight hedge funds had the software giant as a top 10 holding while Apple was only a top position in five hedge funds. (See also: Google Pays Apple Billions to Stay on iPhone: Bernstein.)

It's not surprising that hedge funds would want to own shares of Google and Facebook, given their strong showings this year, both in their share performance and on the earnings front. So far in 2017, Alphabet is up more than 15% while Facebook is 44% higher. But it's not just these two tech darlings that hedge funds are smitten with. During the June quarter, four funds acquired fresh stakes in Alibaba Group (BABA), the Chinese e-commerce giant. The four funds—Appaloosa Management, Third Point, Duquesne Capital and Tiger Management—all seem to be betting shares can march higher even with the stock up 87% since the start of 2017. For the three-month period ended in June, shares of Alibaba are up nearly 30%. In Securities and Exchange Commission filings, Appaloosa revealed it acquired 3.7 million shares of the company while Third Point disclosed a purchase of 4.5 million shares. Meanwhile, Duquesne Capital said it acquired 710,000 shares while Tiger Management bought 214,000 shares, reported CNBC.

Want to learn how to invest?

Get a free 10 week email series that will teach you how to start investing.

Delivered twice a week, straight to your inbox.