Wall Street has embraced Alphabet's AI initiatives in a big way lately—so much so that its stock is on its way to its best monthly performance since 2020.
Wall Street has embraced Alphabet Inc.’s artificial-intelligence initiatives in a big way lately — so much so that its stock is on its way to its best monthly performance since the early days of the pandemic.
Alphabet shares GOOG GOOGL are up 15.4% so far in May and on track to log their largest monthly percentage increase since April 2020, when they rose 17.5%, according to Dow Jones Market Data. The stock is essentially neck-and-neck with Amazon.com Inc. AMZN in leading the big five consumer tech names on a month-to-date basis.The May surge for Alphabet comes after the stock trailed Big Tech peers during the first four months of 2023. While Alphabet’s stock did rise 20.
“Microsoft’s announcements with OpenAI followed by the Bard demo debacle in Feb/Mar have raised AI leadership questions; however, announcements over the past four weeks have largely put this debate to rest,” Roth MKM analyst Rohit Kulkarni wrote in a note to clients last week.Baird analyst Colin Sebastian wrote last week that he was “impressed, but not surprised, by Google’s increasing pace of development as it seeks to counteract OpenAI momentum and the evolving search market.
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