Economic Observation Network The stock price of Google-A (GOOGL) has recently experienced a significant pullback, with Q2 revenue exceeding market expectations and AI business development becoming a focus of market attention.

Recent stock trends:
On the stock price level, as of the close of August 28th, it was $346.59, with a rebound of 1.74% on the day. However, since the high on May 13th, the cumulative drawdown has been about 15%, and the market value has evaporated by more than $700 billion Since the beginning of the year, it has still risen by about 11%, with a price to earnings ratio (TTM) of 17.39 times, which is at a low level in recent years.

Recent events of concern:
The turbulence of AI talent and model delays are the emotional core. On August 5th, Jeff Dean resigned to start a business and Demis Hassabis became a director, marking a turning point. The stock price fell by 4% on that day The flagship model Gemini 3.5 Pro has been delayed due to code capability shortcomings, and the 3.7 Flash released two weeks ago has not been scheduled This is the direct trigger for market questioning of whether Google can maintain its AI leadership.

Performance and business situation:
The fundamentals are not bad, the difference lies in pricing. Q2 revenue of $119.8 billion (+24%), cloud business of $24.8 billion (+82%), all exceeding expectations But after the financial report, the stock price fell by 7.1% in a single day - the market is concerned that "good performance has been priced, but the AI monetization path is unclear". Optimistic parties such as Goldman Sachs maintaining a buy (target price of $435) and Morgan Stanley increasing its holdings ($400) The pessimistic side is concerned about uncontrolled capital expenditures.

Future Development:
Key observation points for the next two weeks: whether there are any new developments in Gemini 3.5 Pro, and the pace of landing TPU sales orders (estimated market value of approximately $35 billion per 1 million chips) ）And how the management will respond to the AI monetization issue during the September financial report conference call.

The above content is based on publicly available information and does not constitute investment advice.