After a challenging 2022, 2023 brought a major resurgence for technology stocks, with major companies such as Nvidia (NASDAQ: NVDA) and Meta (NASDAQ: META) rising by well over 100% since January 1.
The rally and recovery have been largely driven by ever-greater enthusiasm for artificial intelligence (AI) technology, and indeed, some of the biggest winners of the year are heavily involved with its development.
Alphabet (NASDAQ: GOOGL), while failing to achieve triple-digit growth this year and having suffered some setbacks, such as when its October earnings report wiped $200 million from the firm’s market cap in a day, still maintained a mostly upward trajectory.
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With Google’s triumphs and turbulence, and with 2024 right around the corner, Finbold decided to consult the artificial intelligence of OpenAI’s flagship platform – ChatGPT – to try and figure out where its stock might stand on New Year’s Day.
ChatGPT predicts price of GOOGL on January 1
When discussing the likely price for Google’s stock at the start of 2024, ChatGPT proved cautious in its analysis. Overall, it assesses that the shares of the tech giant are likely to stay close to their current price of about $138. According to artificial intelligence, it is probable they will maintain above $134 but are unlikely to rise beyond $152.
ChatGPT, however, conceded that it is possible, should the current positive stock market sentiment persist into 2023, Alphabet’s stock might rise beyond $152 – though it did not specify a possible upper limit. Similarly, the AI stated that should negative news – particularly with regard to Google’s AI ventures – its shares could drop below $134.
Still, ChatGPT finds that – while it is not possible to say for certain – it is likely, based on the current trends, that Google will continue experiencing steady growth throughout the rest of 2023 and start the new year close to $143.
GOOGL price analysis
While the shares of Google have been on a steady upward trajectory so far in November, due to a major hit they took at the end of last month, they are only now close to their October 24 value of $131.81. In fact, at the time of publication, the stock of the tech giant was standing at $138.35 – meaning it is up 0.65% from its close on Tuesday.
Zooming out, however, it is evident that Alphabet has been having a strong year. Its shares are up 54.7% from their January 1 value of $89.12 and a total of 42.06% since November 22, 2022.
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