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Alphabet Stock Loses Steam as Market Weighs the Cost of AI

Astron Team · 09/24/2026 · 3 min read

Alphabet (GOOGL) shares fell to the US$339-340 range on September 24, after failing to break through the US$355-360 region. On the hourly chart, the stock lost its short-term moving averages and slipped back to the lower end of the range it had been trading in.

The pullback contrasts with the company's numbers. In the second quarter, revenue rose 24% year over year to US$119.8 billion. The standout was Google Cloud, which grew 82% to US$24.8 billion, driven by demand for artificial intelligence infrastructure and solutions. Operating profit rose 30% and the margin reached 34%.

What weighs on the stock now is the cost of this race. Alphabet raised about US$49.6 billion in June to expand its computing capacity, and the market has started demanding returns on data centers, in-house chips, and Gemini, whose fourth generation could launch later this year. Competition is also a concern: interest in Meta's Muse has left investors more nervous.

On the legal front, the news was less harsh than feared: the court didn't force Google to sell AdX and DFP, but it did require opening up part of the ad stack and six years of independent oversight. Technically, the nearest support sits at US$336 and, below it, at US$328; on the upside, clearing US$343 would open room up to US$348-350.

Source: Traders Union.