Alphabet shares are trading around $350 after pulling back from highs near $400. A fresh positive catalyst is Alphabet’s inclusion in the Dow Jones Industrial Average in place of Verizon from June 29, 2026, but this factor alone is unlikely to become a strong driver, as the Dow carries less investment weight than the S&P 500 and Nasdaq 100.
Fundamental drivers
The latest earnings remain strong: Alphabet’s revenue rose 22% year over year to $109.9 billion, net income increased 81% to $62.6 billion, and Google Cloud grew 63% to $20 billion. The market is also positive on the growth of AI products and cloud backlog, but investors are closely watching the scale of spending: the company raised its 2026 capex forecast to $180-190 billion.
News and risks
The main risk for GOOGL is not business weakness, but the payback period for AI investments and regulatory pressure around search, advertising, and AI Overviews. Additional volatility is linked to profit-taking in Big Tech after a strong rally: even good results are now being assessed through the lens of data center spending, AI competition, and potential antitrust restrictions.
Technical picture and conclusion
On the 4-hour chart, GOOGL remains below its short-term moving averages after a sharp decline, but is trying to hold above long-term support in the $340-345 zone. The nearest resistance is around $360-370, followed by the important $380 area. A break below $340 would worsen the picture and open the way toward $330, as I warned in the article Google pulls back as AI talent concerns pressure sentiment, while a recovery above $370 would be the first signal of stabilization. The base-case scenario remains neutral to cautious: fundamentally, Alphabet remains a strong story, but technically, the stock has not yet confirmed an upside reversal.
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