Alphabet (GOOGL) fell 1.45% to $331.14 amid a broader technology sector selloff, driven by investor anxiety over the sustainability of artificial intelligence capital expenditure following Microsoft's recent high spending report.
- The company's strong fundamentals, including $100 billion Q3 revenue and 33.5% year-over-year Google Cloud growth, are currently being overshadowed by market pressure.
- The decline is part of a wider market retreat, with the Nasdaq Composite falling 1.85% during the session.
- Analyst price targets remain elevated, with Roth/MKM setting a target of $365 and TD Cowen at $355.