Alphabet Stock Rebounds Over 1% Premarket After Browser Rivalry Sell-Off, Here’s Why
Synopsis
- Sam Altman-led OpenAI unveiled a new browser, ChatGPT Atlas, on Tuesday.
- Google’s Chrome dominates the browser market, with a nearly 72% market share, according to Statcounter.
- GOOGL has been among the best-performing mega-cap stocks this year, having gained nearly 33%.
Alphabet, Inc. (GOOGL) (GOOG) stock climbed over 1% in Wednesday’s early premarket session, signaling a potential rebound from the previous session’s sharp pullback.
GOOGL has been among the best-performing mega-cap stocks this year, having gained nearly 33%, thanks to its advances in artificial intelligence (AI) development and a less-than-feared antitrust ruling that allowed the company to keep its Chrome browser and search deal with Apple.
Alphabet Investors Look To Leave Browser Woes Behind
On Tuesday, Google-parent Alphabet’s stock fell 2.37% to $250.46, with 1.3 times the average trading volume, as Sam Altman-led OpenAI unveiled its new browser, named ChatGPT Atlas. According to Statcounter, Google’s Chrome had a nearly 72% share in the worldwide browser market in September. Incidentally, Perplexity, another AI startup, has already launched its own Comer AI browser.
The Alphabet stock may receive some support from a Bloomberg report that stated that Amazon-backed Anthropic is in discussions with Google to secure cloud computing capacity in a deal valued in the high tens of billions.
What Retail Is Feeling About Alphabet Stock
Alphabet stock has seen an improvement in sentiment among retailers on the Stocktwits platform, with the mood now ‘bullish’ compared to ‘bearish’ the previous day. The message volume on the GOOGL stream also increased to ‘extremely high,’ rising by over 350% in the last 24 hours leading up to late Tuesday.
A bullish watcher said they added 10,000 GOOGL stock on Tuesday’s dip.
Another user braced for a new all-time high on Wednesday. The stock’s current intraday peak of $257.33 was reached this Monday.
According to Koyfin, the average analysts’ price target for the GOOGL stock is $254.13, implying 1.46% upside from Tuesday’s close.
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