Amie Thuener O’Toole, who serves as Vice President and Chief Accounting Officer at Alphabet Inc. (NASDAQ:), has recently sold shares of the company’s Class C Capital Stock. According to a filing with the SEC, she sold 2,834 shares on December 16, 2024, for around $559,849. The shares were sold at prices between $194.41 and $200.32 each. This sale comes as Alphabet, currently holding a market capitalization of $2.39 trillion, approaches its 52-week high of $201.42 and has achieved a solid 44% return over the past year, as reported by InvestingPro.
After these transactions, Thuener O’Toole retains 20,681 shares of Alphabet’s Class C Capital Stock. The filing also indicates that she acquired Class C Google Stock Units through a dividend equivalent unit program at no cost, which were not sold. These transactions were executed under a Rule 10b5-1 Trading Plan, allowing company insiders to implement a prearranged schedule for stock sales. According to InvestingPro’s analysis, Alphabet shows strong financial performance with an overall “GREAT” rating, driven by solid cash flow and profitability metrics. For a deeper understanding of Alphabet’s valuation and over 12 additional ProTips, investors can refer to the detailed Pro Research Report available on InvestingPro.
In related news, Alphabet and Microsoft (NASDAQ:) have been named global gatekeepers in the distribution of artificial intelligence (AI) chips under new US regulations. Under specific conditions, these tech companies will be allowed to provide AI capabilities through their cloud services internationally without the need for a license. Additionally, Turkey’s antitrust authority has levied a $75 million fine on Google for anti-competitive behavior, mandating the company to assure fairness for third-party supply-side platforms within a six-month timeframe.
In the technology landscape, Nigel Green, CEO of deVere Group, has forecast that the prominent group of tech companies known as the Magnificent Seven—comprising Apple (NASDAQ:), Microsoft, Alphabet, Amazon (NASDAQ:), Nvidia (NASDAQ:), Meta (NASDAQ:), and Tesla—will continue to dominate the market until 2025. This prediction stems from their history of exceeding market expectations and their leadership in high-growth sectors such as AI, cloud computing, electric vehicles, and digital advertising.
Goldman Sachs has reaffirmed a Buy rating for Alphabet, indicating strong confidence in the company’s future in AI. The anticipated rapid scaling of Alphabet’s new AI projects is backed by its large user base and diverse array of applications and services. Furthermore, Alphabet’s quantum computing chip, Willow, has recently tackled a complex mathematical problem, representing a significant breakthrough in quantum computing.
Conversely, shares of Rigetti Computing, which focuses on quantum-classical computing, fell following a critique from Citron Research. Nevertheless, both Rigetti and Quantum (NASDAQ:) Machines have successfully leveraged AI to automate the calibration of quantum computers. These developments highlight ongoing progress within the technology and investment sectors.
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