The stock has risen 51.5% YTD compared to the tech-led Nasdaq Index's (NDX) gain of 39%. With a portfolio of robust brands, the new state-of-the-art Gemini AI launch, and more AI products on the way, I believe Google's parent company will continue to boost its revenue and profits in the coming years, making me bullish on GOOGL stock going into 2024.
While investors were concerned about Google Cloud's performance in Alphabet's third quarter, the company's overall fundamentals remained strong. In fact, Google Cloud's revenue jumped 22.5% year-over-year to $8.41 billion.
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