The stock market surged on Wednesday as investors remained optimistic that debt-ceiling talks between congressional leaders and President Joe Biden will progress.
Overall, S&P 500 grew 1.2% to 4,159, while NASDAQ rose 1.3% to 12,501.
Tweet of the Day
Here is some Rule of 40 cohort analysis for cybersecurity-related stocks. (one day out of date).$PANW continues to be undervalued, in both relative and absolute terms across the whole 55 stock peer group. pic.twitter.com/EaujC8755u
— Convequity (@convequity) May 17, 2023
Chart of the Day
Here is the one-year chart of Alphabet (GOOGL) as of May 3, 2023, when the stock was at $105.
Alphabet’s mission is to organize the world’s information and make it universally accessible. The company’s main division, Google Search, performs more than a trillion searches per year.
GOOGL has been making a comeback, but the numbers still look poor. In the big picture, investors are looking for Alphabet to step up its AI game. Microsoft’s addition of ChatGPT into its Bing search engine has broken Google’s moat in the search engine market, with some saying Bing is better than Google now. This has held back GOOGL stock. Today, Wendy’s announced it will work with Google to create an AI chatbot for its drive-thrus. Google obviously has made roads into AI development, and the industry is just blossoming now.
GOOGL is part of our Growth Portfolio and Conservative Growth Portfolio. Risks to the stock are Microsoft’s Bing being a more popular search engine do to its advancements with AI.
