Shares of Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) soared to new highs following its first-quarter earnings report. This is a continuation of the momentum the stock has seen over the past year, with its shares up over 60% during that stretch.

Here's a look at why Alphabet shares were climbing following its Q1 earnings report and, more importantly, whether or not it's too late to buy the stock following its strong gains.

On its earnings call, Alphabet management proudly said the company has been an artificial intelligence (AI)-first company since 2016. The one fear investors have had is that AI could become more of a detriment to Alphabet and its search dominance, so everything the company does to shift this sentiment and show that AI is helping drive growth is a big positive.

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Source Fool.com