Alphabet Inc. (GOOGL) shares are experiencing an uptick today, driven by a combination of factors that have bolstered investor confidence. A significant catalyst is the company's aggressive stock buyback strategy, as Alphabet spent $15.3 billion repurchasing its shares in the third quarter, making it one of the largest buybacks among S&P 500 companies. This move signals strong confidence in the company's future prospects and has likely contributed to the positive sentiment surrounding the stock. Additionally, Alphabet's continued investment in artificial intelligence and its robust performance in the digital advertising and cloud computing sectors have further strengthened its market position. The company's advertising business saw an 11% revenue growth in the first nine months of the year, while Google Cloud reported a 35% increase in revenue in the third quarter, underscoring its growth momentum.
The broader market environment is also supportive, with stock futures pointing to a higher open for major U.S. indexes as investors anticipate the Federal Reserve's upcoming interest rate decision. This positive market sentiment is likely providing an additional boost to Alphabet's stock. As of 9:31 am on December 16th, Alphabet's stock is trading at $195.97, up 3.24% from its previous close of $189.82 and 1.6% higher than its opening price of $192.88.