Alphabet Stock: After YTD Gains of 23%, Is GOOGL Still a Smart Buy?

After rising about 58% in 2023, the uptrend in Alphabet (GOOGL) stock has continued into 2024. So far, shares of this technology giant are up over 23% year-to-date, outperforming the S&P 500 Index’s ($SPX) roughly 14% return. 

While Alphabet stock has continued to trend higher, the company’s dominance in the digital advertising segment, growing cloud business, integration of artificial intelligence (AI) technology into its products, and innovation across various emerging tech fronts suggest that the momentum in its stock could sustain, making it a smart buy near the current price levels.