$Alphabet(GOOGL.US)

Context:

Alphabet (GOOGL) is around 345. The recent pullback is mainly about concerns over huge AI infrastructure spending and rising capex, rather than a deterioration in the core business. At the same time, Q2 was very strong: revenue grew 24%, Search grew 17%, YouTube Ads 13%, and Google Cloud jumped 82%, with Cloud backlog reaching $514B.

Analysts remain broadly bullish. The current 12-month consensus target is around 428, with a range of roughly 340-515. Recent targets include $410 from Rosenblatt, $425 from Barclays, $440 from Roth and $465 from BMO.

My trade:

Currently about my cost price.

Since the position is already around breakeven, I would hold. I would only add aggressively if GOOGL falls toward 325. Above $380, I would stop chasing and let the position run.

Takeaway:

Hold. I like GOOGL here for a medium/long-term position. The AI capex is the main risk, but the underlying business is still accelerating—especially Cloud and AI monetisation.

I would treat 400 as the first meaningful profit taking checkpoint and 425-450 as the area where I'd consider selling 20-30%, rather than selling everything.