Alphabet Heads Toward $2 Trillion Value
Investors are becoming more optimistic about Alphabet Inc.’s artificial intelligence strategy, after a run of glitches and misfires that sent its shares tumbling.
Alphabet en route towards 2 Trillion $ market cap
@Google stock is heading toward a record $2 trillion market value, a milestone surpassed only by Microsoft Corp., Apple, and Nvidia Corp#google #apple #nvidia #shares pic.twitter.com/TSHeXwoWdX
— The_Journalbiz (@the_journalbiz) April 11, 2024
Bloomberg chart
The stock is heading back toward what would be a record $2 trillion market value — a milestone surpassed only by Microsoft Corp., Apple Inc., and Nvidia Corp. in the United States. It has rallied back from last month’s low, when the shares dropped on concerns the company was falling behind in AI.
Using this week’s cloud event to show that its AI model is enterprise-ready despite recent stumbles in its consumer-facing tools, focus is now turning to this month’s earnings and a developer’s conference in May. While Alphabet’s path to AI monetization is still seen as cloudy, the stock’s relatively cheap valuation has kept it attractive to many on Wall Street.
“While the headlines haven’t been favorable, Google’s role in generative AI products will present massive growth opportunities for the stock,” said Sylvia Jablonski, chief executive officer at Defiance ETFs. Alphabet is also set to benefit from making its own generative AI tools that can power more precise ads and increase revenues from ad spend, she added.
