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Alphabet's  (GOOGL) - Get Alphabet Inc. Report acquisition strategy will focus on cloud companies, CFO Ruth Porat told the crowd at Recode's Code Conference in California on Wednesday. 

"The acquisitions that we've talked about really in particular fill in holes in cloud and that's been really valuable," Porat said though she did not give specifics about which companies Alphabet might target. Alphabet has about $47 billion in overseas cash reserves that it has not repatriated. 

"If we're not investing now, we're going to rue the day that we didn't," she went on to say. 

Comcast (CMCSA) - Get Comcast Corporation Class A Common Stock Report  and Alphabet (GOOGL) - Get Alphabet Inc. Report are just some of the tech names in Jim Cramer's Action Alerts PLUS portfolio. Get his insights on the biggest names in tech here.

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