Google breaks key resistance as AI spending stays in focus
GOOGL is trading near $355 on September 18 after bouncing from the $330 area earlier this month. The stock is now back near the $358–360 zone, which has become the next important area to watch. The fundamental picture remains strong. Alphabet’s second-quarter revenue rose 24% year over year to $119.8 billion, while Google Services grew 15%, Search & Other increased 17%, and YouTube Ads revenue was up 13%.
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Cloud growth keeps fundamentals strong
Google Cloud continues to stand out. Revenue surged 82% to $24.8 billion, while Alphabet’s total backlog reached $519.5 billion, with $513.9 billion tied to Cloud. Operating income rose 30% and the operating margin widened to 34%. That is an important point for investors because, so far, the company has managed to scale AI-related businesses without putting too much pressure on profitability.
The bigger issue now is spending. Alphabet used $80.6 billion on CapEx in the first half of the year, compared with $39.6 billion a year earlier, and $44.9 billion was spent in the second quarter alone. The company also raised around $49.6 billion through equity and convertible securities and another $20.3 billion through senior unsecured notes. Much of that funding is going toward AI infrastructure, data centers, and additional computing capacity. Investors will want to see a clearer payoff from that spending through stronger cash generation from Cloud, Search, and paid AI products.
Treasury yields remain a valuation risk
Bond yields are still part of the equation. The 10-year Treasury yield was around 4.75% on September 17, down from 4.82% a day earlier, while the 30-year yield was close to 4.94%. That is off the recent highs, but still high enough to matter for large-cap growth stocks. If Treasury yields keep easing, it would take some pressure off valuations. A renewed rise in yields, however, could quickly bring selling pressure back into the tech sector.
GOOGL tests the $358–360 area
GOOGL spent the previous session moving between support near $342 and resistance around $350. Today, the stock pushed toward $360, which keeps $365–370 in view if momentum holds. If the move loses strength and the price slips back below $350, as noted in Google holds near $345 as AI infrastructure becomes next valuation driver, profit-taking could send the stock toward $342–338.
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