GOOGL - Google Is Making All-Time Highs And Has Massive Forward Potential

2024-07-01 09:00:00 ET

Summary

• The bull market continues to rise, led by the Magnificent Seven, with GOOGL up 31.83% YTD.
• Alphabet faced adversity with the Gemini incident but has proven the bears wrong, now up 38.62% since March 6th.
• GOOGL's revenue and profitability continue to grow, making it an attractive investment at all-time highs with strong future growth potential.

The bull market continues higher heading into Q2 2024 earnings, led by most of the Magnificent Seven. The S&P 500 Trust ( SPY ) has appreciated by 15.14% YTD, and only 2 of the Magnificent Seven are trailing the market. Apple ( AAPL ) is just slightly behind as it's up 13.46% on the year, while Tesla ( TSLA ) is the only company whose stock price has declined from the Magnificent Seven in 2024. I have heard for years that the appreciation from these companies isn't sustainable, but they continue to prove the bears wrong. Alphabet ( GOOGL ) experienced some adversity in the beginning of the year as the Gemini incident caused financial outlets such as The Economist , and prominent investors such as Brad Gerstner from Altimeter Capital to discuss what the ramifications could mean for them. I remained very bullish as the incident was a fixable problem, and I didn't believe advertising would be impacted or that customers would switch their cloud provider and phone operating system. GOOGL has proven the bears wrong and the bulls right, as it's now up 31.83% in 2024 and climbed 38.62% since reaching $131.40 on March 6 ^th, 2024. Regardless of how GOOGL has performed YTD or the fact its stock price is making all-time highs, I believe GOOGL is headed higher as there is a significant amount of revenue and earnings growth on the horizon. While the market could see some retracements in the future and a recession is inevitable sometime in the future, the largest companies keep getting larger, and I think the bull case for GOOGL is far from over....

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