Shares of Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) gained ground last month as the tech giant benefited from a rising tide in the stock market. Investors moved back into growth stocks in January on signs of cooling inflation and expectations that the Federal Reserve will slow the pace of its interest rate hikes.

Alphabet's gains came even as the company is scrambling to respond to OpenAI's launch of ChatGPT, which poses a clear threat to its internet search dominance.

According to data from S&P Global Market Intelligence, the stock finished the month up 12%, essentially tracking with the Nasdaq Composite index, which gained 10.7%.

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Source Fool.com