Google A Stock Climbs 1.11% Amid Gemini Live Launch and Market Shifts

As of last week, Google's Class A shares (GOOGL) rose 1.11%. Over the past week, the shares have increased by 1.63%, year-to-date gains stand at 18.73%, and the latest market value is $2.038 trillion.
On August 23, 2024, the interaction media and services company Google A (GOOGL) saw a trading volume of $2.306 billion, ranking 17th in volume on the US stock market for the day, a 37.76% decrease from the previous day, with a daily volume of 13.9557 million shares.
Google A (GOOGL) concluded August 23, 2024, with a 1.11% gain, closing at $165.62 per share. In the past five trading days, the stock increased by 1.63%; however, it has dropped by 3.45% for the entire August. Year-to-date, the stock is up by 18.56%, and over the past 52 weeks, it has surged by 27.52%.
Alphabet Inc., the parent company of Google and its various subsidiaries, was restructured into its current form in 2015. Originally founded on September 4, 1998, in California, Google re-incorporated in Delaware in August 2003. Alphabet spans multiple sectors, including technology, life sciences, capital investments, and research. Its subsidiaries include Google, Calico, GV, Google Capital, and Google Fiber, among others, focusing extensively on internet search, cloud computing, and advertising technologies.
For August 22, 2024, Google A had a significant trading volume listed at $3.705 billion, placing it 11th in the US stock market, a 2.46% decrease from the previous day, with a daily volume of 22.4933 million shares.
The stock fell by 1.24% on August 22, 2024, closing at $163.80. During the last five trading days, the stock grew by 1.55%, but it has declined by 4.51% for the entire month. Year-to-date performance stands at a 17.26% increase, and over the past 52 weeks, it has risen by 23.74%.
A recent headline focuses on Google's AI assistant Gemini Live, which has landed on Samsung smartphones. As of August 16, 2024, the advanced AI assistant is available to Samsung smartphone and tablet users, preceding the release of the Pixel 9 series. Initially, Gemini Live is only open to subscribers of the Gemini premium version.
Gemini Live allows users to engage in continuous conversations with the AI assistant, interrupting as needed to garner more information and resume previous topics at a later time. Despite its advanced capabilities, Gemini Live has yet to integrate with other Google services like Calendar, Drive, Gmail, Keep, YouTube, and YouTube Music. Google has indicated that these integrations will be rolled out in the coming months. Currently, Gemini Live supports only English, with more languages expected to be included shortly.
Additionally, Google has rolled out several other significant updates and changes. The company named the former CEO of Character.AI as the co-head of Gemini, its advanced AI assistant. Furthermore, Google's parent company Alphabet's CEO recently cashed in $3.77 million worth of company stock.
In regulatory news, the UK has concluded its investigation into the competitive practices of Google's Play Store and Apple’s App Store and is preparing to introduce new rules to enhance competition in digital markets. In another announcement, Google declared the cessation of its "Google Play Security Rewards Program." New reports under this program will be accepted until August 31, 2024, and all submitted reports will be processed by September 30, 2024. The program aimed at identifying and mitigating app vulnerabilities within Google Play to safeguard Android users, developers, and the broader Google Play ecosystem.
Reflecting on the stock market performance from August 19 to August 23, 2024, the S&P 500 rose 1.45%, the NASDAQ Composite increased by 1.4%, and the Dow Jones Industrial Average gained 1.27%. Within this timeframe, Google's Class A shares (GOOGL) climbed 1.63%, closing at $165.62. However, for the month, the shares dropped by 3.45%, while year-to-date, they have risen by 18.56%, and over the last 52 weeks, they are up by 27.52%.
In comparison, Google C shares (GOOG) increased by 1.63% over the week, decreased by 3.3% for the month, and rose by 18.8% year-to-date, with a 52-week gain of 28.11%. Other notable tech companies' stocks such as Apple (AAPL), Meta (META), Amazon (AMZN), and Microsoft (MSFT) showed varied performances over the same period.
A recent market rating by Needham on August 19 advised a buy for Google A, with a target price of $210.00 per share.