Google Parent Alphabet Has Abandoned Its $346 Billion Investment -- and History Points to This Decision Being a Mixed Bag
Alphabet is going all-in on artificial intelligence (AI), but it comes at a high cost to one of its top catalysts.
Overview
The stock market has been on fire since the bear market ended in October 2022, with the "Magnificent Seven" leading the charge. Although Nvidia is Wall Street's largest publicly traded company, it's Google parent Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG) that's outperformed of late.
While Alphabet is best known for its globally dominant internet search engine, Google, as well as its burgeoning cloud infrastructure services platform, Google Cloud, there's another mammoth investment that's been powering its stock higher over the last decade. However, Alphabet recently abandoned this decade-long, $346 billion investment to pursue its artificial intelligence (AI) ambitions. Based on what history tells us, Alphabet going all-in on AI is a mixed bag.
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Originally published at www.fool.com.