Alphabet Inc. (NASDAQ:GOOGL): Stay Cautious on Alphabet Stock

 


Alphabet stock jumped 5.34% to close just under the key resistance level at $100 after the company announced plans to reduce global headcount by 12,000. A breakout above $100 could take the stock higher to the $105 or $106 levels.

The company is expected to announce its 4Q22 earnings on Feb 2. Although there could be some tailwinds from the weakening US dollar, the company continues to lose ground to rivals such as ByteDance’s TikTok. One may want to keep an eye on YouTube's ad revenue, which dropped down to $7.07 billion last quarter, a 1.9 % decline Y-O-Y.

Another factor to be cautious about: There is a potential threat on the horizon posed by OpenAI Inc.’s ChatGPT to Google's dominant search engine. Google called on Larry Page and Sergey Brin to fight back against ChatGPT after issuing a "code red", per The New York Times.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!


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