We have covered GOOGL a few times this year, having added the tech giant to our Hitlist earlier in the month. GOOGL has just said it will soon allow users to create images of people using its Gemini artificial intelligence tool after pulling the AI image generation option in February, a sign they remain full steam ahead with AI. In July, GOOGL delivered largely better-than-expected earnings results that showed the search and cloud giant is finally on a better footing in the fast-growing AI space.
- Total revenue in the three months ended June 30 rose 13.6% yoy to $84.74 billion, outpacing the $84.19 billion expected.
- Earnings per share jumped 31% annually to $1.89, exceeding the $1.84 expected, LSEG data showed.
We believe the recent pullback on AI concerns is providing an opportunity for GOOGL.
- We like the risk/reward toward GOOGL into dips following its 19% correction.
MM likes GOOGL, and has it on our Hitlist
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