We covered Alphabet here, writing in July that if we agree that AI is a fundamental change in the world and we’re only in the initial stages of its evolution, then we must think about GOOGL as a play on this theme. We concluded that; It will not take a significant pullback in GOOGL for the risk/reward profile to stack up, noting that we’ve been too conservative in our approach to the stock over the past year. MM likes GOOGL into a 10% pullback.
- The stock has now pulled back ~15%, materially improving the risk/reward.
MM is adding GOOGL US to our Hitlist
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