(NASDAQ: GOOGL) (NASDAQ: GOOG) stock has been a big winner in 2023, rising 50% so far this year. This gain crushes the broader Nasdaq Composite index. Investors seem to be looking to the biggest and most successful companies as safe havens right now, with the digital ad and cloud computing giant rising alongside other "Magnificent Seven" stocks.

Yes, there's good news to be excited about now with this FAANG business. However, there's also a red flag when it comes to Alphabet. Here's what investors need to know.

Rapidly rising interest rates and high levels of inflation in 2022 affected digital advertising, an industry in which Alphabet is a leader. In anticipation of a possible recession, marketing executives will be quick to pare back spending. This is what happened last year, leading to decelerating revenue growth for Alphabet, which generates the vast majority of sales from digital ads.

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Source Fool.com