Why Alphabet Rose 14.5% in May

Shares of search and cloud giant Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) rose 14.5% in May, according to data from S&P Global Market Intelligence.The Google parent unveiled many new technologies during its I/O conference early in the month. And just after that, 13F filings released midmonth revealed that a bunch of high-profile hedge funds had bought or added to their stakes in Alphabet during the first quarter.Alphabet had been a relative laggard during the first quarter compared with some of its big-tech brethren, as investors feared that generative AI could disrupt the conglomerate's core search business. However, Alphabet appeared to put at least some concerns to rest in a high-profile company event.Continue reading
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