Alphabet CEO Sundar Pichai Says AI Start-Ups Are Choosing Google Cloud -- Time to Buy the Stock?
Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG) and its important Google Search product reported warming financials to match the July heat. Revenue and earnings per share (EPS) increased 7% and 19%, respectively, beating expectations and breaking the streak of year-over-year EPS declines the internet giant had been reporting during the inflation-tinted bear market.
Besides Google Search, YouTube, and other online advertising revenue rebounding, Google Cloud was in the spotlight -- and Alphabet CEO Sundar Pichai mentioned a big reason for investors to cheer on this department. Google Cloud counts many top artificial intelligence (AI) start-ups as customers. Is it time to buy Alphabet stock as the AI hype cycle rages on?
First, as a brief refresher, cloud computing is internet-based access to computing power, data, and software stored in a remote data center. Google Cloud's infrastructure has been growing quickly for years, but remains in third place behind giants Amazon Web Services and Microsoft Azure; it still has a lead on the emerging fourth player Oracle Cloud.
Source Fool.com
Alphabet Inc. A Stock
The stock is an absolute favorite of our community with 96 Buy predictions and no Sell predictions.
As a result the target price of 180 € shows a positive potential of 26.28% compared to the current price of 142.54 € for Alphabet Inc. A.
