Alphabet Inc. (GOOGL) stock experienced a notable rise due to several key developments. The announcement of OpenAI making ChatGPT Search free for all users has intensified competition in the search engine market, potentially benefiting Alphabet's Google Search as it continues to innovate and maintain its market position. Additionally, the internet advertising market is projected to grow significantly, with a forecasted increase of USD 651.2 billion by 2028, driven by advancements in Ad Tech and the rise of digital transformation. This growth outlook is favorable for Alphabet, given its strong presence in the online advertising space.
Furthermore, Alphabet's recent advancements in quantum computing have also contributed to the stock's upward momentum. The company's Willow quantum computing chip has achieved a breakthrough in problem-solving speed, which has sparked interest and optimism among investors. This development has not only boosted Alphabet's stock but has also led to a surge in smaller quantum computing companies, highlighting the broader impact of Alphabet's technological advancements.
Alphabet Inc. (GOOGL) shares closed at $196.66, up 3.6% from the previous day's close of $189.82, and are currently trading at $196.41 in after-hours trading, reflecting a slight decrease of 0.13%.