WSB Ranks Google C 9th Despite Stock Dip and Legal Challenges

In recent developments, Google C (GOOG) has risen to the 9th position in the latest WSB rankings, marking an impressive jump of 22 places from the previous day. Despite this upward movement, the stock experienced a decline of 1.59%, with the price closing at $163.37 as of October 9.

Google C's financial performance for the period ending June 30, 2024, showed promising growth. The company's total revenue reached $165.28 billion, reflecting a year-over-year increase of 14.47%. Meanwhile, net profit attributable to shareholders saw a significant rise of 41.48%, amounting to $47.28 billion.

On October 7, UBS adjusted Google C's target price to $187, maintaining a Neutral rating. This comes in anticipation of Google C's 2024 fiscal third-quarter earnings report, scheduled for release on October 22.

In another noteworthy development, former Google CEO Eric Schmidt emphasized the importance of investing heavily in AI infrastructure. He highlighted the substantial resource demands of data centers, which are crucial for powering AI models, yet also raise environmental concerns.

Legal challenges present ongoing hurdles for Google, as the U.S. Department of Justice contemplates measures including divesting parts of Google's business to curb its perceived monopoly over search. Such actions could dramatically alter the landscape of internet search and provide Google’s competitors a better chance to thrive.

Google is actively preparing an appeal, arguing that any proposed remedies are excessively aggressive. The company asserts that its search engine's dominance is a result of superior quality and faces robust competition from other platforms. However, scrutiny from antitrust authorities continues to mount, placing further pressure on Alphabet and its subsidiaries.