Alphabet Poised for Gains in 2024 Despite Near-Term Ad Headwinds, With Big Bets on AI Driving Long-Term Potential
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The Nasdaq has historically bounced back after down years, suggesting potential for gains in 2024 after the sell-off in 2022.
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Alphabet recently split its stock 20-for-1 and has made big strides in AI, but remains undervalued compared to tech peers.
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At a forward P/E of 20.3, Alphabet trades in line with the S&P 500, signaling investors underestimate future growth potential.
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Alphabet has invested heavily in AI across products like Google Cloud, Search, YouTube, and Google Workspace.
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Despite near-term advertising challenges, Alphabet has huge long-term upside, with over 5,300% returns since its IPO in 2004.