Google’s (NASDAQ: GOOGL) impressive resurgence in the stock market during 2023 showcased its resilience yet again on August 30.
The tech giant’s shares soared to a new 52-week pinnacle, reaching an impressive value of nearly $136 per share, further solidifying the company’s remarkable stock price rebound this year.
The new upswing comes after Google uncovered fresh artificial intelligence (AI) products, this time targeting large businesses.
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Google stock price analysis
At the time of publication on Thursday, August 31, shares of Google sat at $135.88, after surging 1% in Wednesday trading.
This is the first time GOOGL traded at this price level since April 2022, marking a fresh more than a year high for the stock.
More recently, the tech stock rose more than 4.3% over the past week and more than 2.3% on the month.
Since the beginning of 2023, Google saw its share price surge by more than 51%, outperforming the broader S&P 500 index’s gains of 18%.
Currently, GOOGL demonstrates a discernible support zone spanning from $128.10 to $128.11. On the upside, shares face a notable resistance area around $135.89, marking a significant price level where selling pressure could increase.
Why is GOOGL rallying?
Google’s latest stock upturn comes after the tech behemoth unveiled a series of new AI products and partnerships this week, aimed at equipping its enterprise clients with the nascent technology.
More specifically, Google’s cloud subsidiary revealed a new version of its custom-built AI chips, an enterprise-level tool to watermark and identify image content generated with AI, and fresh security solutions for its office suite.
In a bid to reinforce its enterprise cloud service, Google added 20 AI models to its already large collection, bringing the total number to 100.
Regarding its custom-built chips, Google decided to allow access to a product that is optimized for generative AI and large language models (LLMs). The move comes ahead of the company’s announcement of its comprehensive 5th-gen tensor processing unit (TPU).
The new chip, dubbed ‘TPU v5e,’ is meant to train large models but also deliver content from these models, although it cannot match the power of the to-be-launched fifth AI generation chip.
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