Alphabet Moving ‘Too Fast’ in AI, Bernstein Warns in Downgrade
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Alphabet Inc. received another downgrade on Tuesday, with Bernstein becoming the latest firm on Wall Street to step away from the Google parent company.Shares fell 1.5% after the cut to market perform from outperform. The stock is on track for its sixth negative session of the past seven, though it remains up more than 30% this year. Analyst Mark Shmulik wrote that the stock's narrative “has quickly caught up to fundamentals,” resulting in a balanced risk profile. The firm also noted risks related to artificial intelligence, an emerging technology that Alphabet is seen as a major player in, and which has fueled 2023 rallies in megacap stocks like Microsoft Corp. and Nvidia Corp. Alphabet has gone “from too slow to too fast in AI” and the “aggressive push to integrate GenAI into c...