The US stock market has been stuck in an increased state of volatility this year. With various companies struggling to gain momentum, there are high hopes for an impending bull market to hit the tech sector. That could be huge for Alphabet (GOOGL), which is making big moves in a $330 billion market that could make now the time to buy in.
The Google and YouTube parent company has been stuck in a state of stagnation like many of its biggest competitors. However, it has turned its attention to one of the most promising emerging technologies in tech. Moreover, that could be massive for its price target throughout a vitally important 2025.
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Alphabet Makes Big Moves, But Can It Propel The Stock This Year?
Entering the year, the Magnificent Seven were poised to once again dominate the stock market. Although they have yet to live up to those expectations, there is no denying that the future potential of these firms is massive. Among them is Alphabet, who could be in the best position of its contemporaries.
The firm already boasts some of the most prominent companies connected to the top tier of megacap stocks. Moreover, Alphabet (GOOGL) has made a major move in a key $330 billion market that could make the stock a must buy this year.
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According to a recent report, the Google parent company strengthened its competitive position in the cloud services market. Specifically, it purchased cloud security firm Wiz for just $32 billion. In the long run, that could prove game-changing for the company.
Although Google Cloud is ranked third in market share behind Amazon (AMZN) and Microsoft’s (MSFT) offerings, that could change. Indeed, revenue has already increased more than 30% year over year. Additionally, it jumped three times faster than its advertising revenue in 2024. That should speak volumes for where the industry is at.
Currently, the stock is trading at $169 and is down 3% over the last month. Moreover, experts appear sold on the future gains that await the stock. 81% of 68 surveyed analysts have a buy rating on the stock, according to CNN. Moreover, it has a median price target of $220, up 29% from its current position.