Here's Why Alphabet Is Leading the Stock Market Lower on Monday
It's not a great day for most stocks. But it's a markedly worse day for (NASDAQ: GOOG) (NASDAQ: GOOGL) shareholders. While the Nasdaq Composite (NASDAQINDEX: ^IXIC) and the S 500 (SNPINDEX: ^GSPC) are both a bit in the red heading into Monday's closing bell, as of 3:39 p.m. ET, data from S&P Global Market Intelligence indicates Alphabet stock is down more than 3% in response to a surprising downgrade.
Blame UBS, mostly. The bank dialed back its earlier buy call to a mere neutral stance, with analyst Lloyd Walmsley explaining: "Our concern is that SGE [generative AI-based search] will take up valuable ad real estate reducing the space Google has to serve up an ad."
It's a legitimate concern. The advent of artificial intelligence clearly threatens to disrupt the web even if investors don't yet know exactly how. Alphabet's Google is even building out its own consumer-facing AI tools like Bard in an effort to establish some sort of presence in the arena.
Source Fool.com
Alphabet Inc. A Stock
With 96 Buy predictions and not a single Sell prediction Alphabet Inc. A is an absolute favorite of our community.
With a target price of 179 € there is a positive potential of 21.08% for Alphabet Inc. A compared to the current price of 147.84 €.
