Alphabet's Cloud Business Soars 82%, But Shares Face Seller Pressure

Alphabet Inc., parent company of Google, saw its Cloud business post an impressive 82% year-over-year revenue growth in the second quarter. This surge was driven by a significant increase in demand for AI-related solutions.

The strong cloud growth is seen as a key factor contributing to Alphabet's long-term prospects. Meanwhile, a leadership transition has been confirmed at DeepMind, with Demis Hassabis shifting to a Chairman and Chief Scientific role, which may influence the unit's strategic direction.

Despite this momentum, Alphabet shares face seller pressure due to weak momentum in recent trading sessions. Technical indicators are currently pointing to a bearish outlook, with several key levels of support and resistance identified.