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* GOOG Stock Sell-Off: Is it Time to Buy Alphabet on the Dip?

GOOG STOCK SELL-OFF: IS IT TIME TO BUY ALPHABET ON THE DIP?

As growth and competition fears re-heighten, a new buying opportunity may emerge

14h ago · July 28, 2024 By Thomas Niel, InvestorPlace Contributor
* In recent weeks, several negative factors have put Alphabet (GOOGL),
previously hitting new highs, on a downward trajectory.
* However, growth and competition fears re-heighten for the Google parent, a
new buying opportunity could emerge.
* While there’s no reason to exit an existing position, consider waiting for
further weakness before doubling-down or initiating an Alphabet stock
position.

Remarkable AI Experiment: Elon Musk’s PRIME Is Set to Shock the World

Source: rvlsoft / Shutterstock.com

At the start of July, Alphabet (NASDAQ:GOOG,NASDAQ:GOOGL) was hitting new highs.
Flash forward to now, and Alphabet stock has reversed course. If you’ve been
following recent news, you can quickly answer the question “what happened?”

For one tech stocks have experienced a sell-off. Doubt and uncertainty about the
generative AI growth trend has negatively affected mega-cap tech stocks across
the board.

In light of this, it makes sense why GOOG continued to slide lower, after the
company’s latest earnings release. Add in renewed worries related to
competition, and it’s no mystery why shares are sharply moving in the wrong
direction.

Forget Nvidia, Buy Elon Musk’s AI Supplier. It Could Be the Hottest AI Stock of
2024.

Yet while fairweather fans of this “Magnificent Seven” component may see recent
price action as a good reason to jump ship, we’ve come to a far different
takeaway.

ALPHABET STOCK AND ITS CONTINUED SELL-OFF

With sentiment souring on big tech stocks starting on July 10, again it’s no
surprise that investors went into Alphabet’s July 23 earnings release looking
for reasons to sell rather than reasons to buy. For the June quarter, Alphabet
beat on revenue and earnings.

Even so, investors weren’t too happy to hear about the company’s AI spending
efforts. Last quarter, capital spending came in at $13.2 billion, $1 billion
above forecasts.

This comes as the market becomes increasingly skeptical about the potential
payoff from big tech’s buildout of its AI infrastructure.

With greater focus placed on this factor rather than on the latest bottom-line
figures, not only did Alphabet stock sink after the earnings release.

Disappointment with GOOG’s earnings release, along with the latest earnings from
another “Mag 7” stock, added fuel to the tech sell-off fire, as other “Mag 7”
names took another big tumble in response.

--------------------------------------------------------------------------------

JEFF BEZOS’ PLAN EXPOSED

Located 30 miles from Baltimore — Jeff Bezos has been quietly investing in one
tiny company that’s ground zero of a technology revolution that could change
everything.

Bank of America said the technology would be, “Bigger than fire and bigger than
all the revolutions that humanity has seen.”

And for those who get in now, this may be the biggest opportunity you’ll see in
your lifetime.

Click here for the full story

--------------------------------------------------------------------------------

Worse yet, it’s not just the prospect of higher spending that has investors
becoming increasingly bearish.

On July 25, ChatGPT developer OpenAI announced the launch of a test version of
its SearchGPT search engine product. This potentially game-changing news about a
key competitor has in turn placed additional pressure on shares.

WHY A FURTHER RETREAT IS NOT A RED FLAG

The jury’s still out whether the SearchGPT announcement will continue to have an
impact on Alphabet stock heading into August. The tech sector sell-off may not
be over, either.

It may persist, if other “Mag 7” stocks report underwhelming results and
guidance this earnings season.

Still, don’t assume that it’s time to get out of GOOG. For one, even if the
sell-off continues, it’s not as if this stock is likely to re-hit its 52-week
lows. If it does, back up the truck, as at those levels shares would be in deep
value territory.

What’s more likely to happen is that the stock finds support at a much higher
price level. Say, $150 per share, placing shares at a valuation of just below 20
times forward earnings.

Forget Nvidia, Buy Elon Musk’s AI Supplier. It Could Be the Hottest AI Stock of
2024.

In the coming quarters, sentiment for tech stocks could improve. Assuming that
fears about AI spending are overblown, Alphabet could keep reporting earnings
beats, shifting sentiment back to bullish.

As for the possible SearchGPT headwind? This too could prove to be a short-lived
concern. At least, considering how it didn’t quite work out the last time a
competitor tried to disrupt Google’s search dominance using the power of
generative AI.

THE VERDICT: GET READY TO POUNCE IF GOOG RE-HITS $150

Until SearchGPT officially launches, and the initial results come in, it’s
better to assume that OpenAI isn’t on the verge of eating Google’s lunch. Much
like what happened in 2023, a cooldown in concern about Alphabet’s competitive
edge may also serve as a booster for shares.

So, how far could GOOG climb, once the dust settles? As recently discussed,
there may be a path for Alphabet to hit $300 per share within two years, thanks
largely to the potential for further cloud computing and cybersecurity growth.

Forget Nvidia, Buy Elon Musk’s AI Supplier. It Could Be the Hottest AI Stock of
2024.

Considering this forecast, cashing out now may leave considerable upside on the
table. If you want to buy in at today’s prices, no one’s stopping you.

However, if you choose to wait for additional near-term weakness, waiting for a
return to $150 per share or less to double-down or initiate a position may be a
better course of action.

GOOG stock earns a B rating in Portfolio Grader.

On the date of publication, neither Louis Navellier nor the InvestorPlace
Research Staff member primarily responsible for this article held (either
directly or indirectly) any positions in the securities mentioned in this
article.

On the date of publication, the responsible editor did not have (either directly
or indirectly) and positions in the securities mentioned in this article.

Thomas Niel, contributor for InvestorPlace.com, has been writing single-stock
analysis for web-based publications since 2016.

Technology, Artificial Intelligence, Cloud, Communications, Media, Streaming

Forget Nvidia, Buy Elon Musk’s AI Supplier. It Could Be the Hottest AI Stock of
2024.

Submit

--------------------------------------------------------------------------------

Article printed from InvestorPlace Media,
https://investorplace.com/2024/07/goog-stock-sell-off-is-it-time-to-buy-alphabet-on-the-dip/.

investorplace.com Open in urlscan Pro 2606:4700::6810:be86 Public Scan

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investorplace.com Open in urlscan Pro
2606:4700::6810:be86 Public Scan

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5 forms found in the DOM