Google Stock Extends Rally on Bank of America Traffic Data

Alphabet's Class A shares (NASDAQ: GOOGL) have been on a tear, rising for the third consecutive session this week. The stock has rebounded from its recent low of $328 to a high of $345, with trading opening at $341 on Wednesday.

This rally comes after months of investor caution over Alphabet's spending plans, particularly regarding AI infrastructure. Research from Bank of America provides some insight into the company's resilience, with Justin Post noting that Google's global daily web visits rose 3% year-over-year to 2.8 billion in August.

In contrast, ChatGPT's web traffic fell 5% over the same period to 181 million visits. Post maintains a Buy rating on the stock with a $430 price target, based on his 2027 core earnings estimate.

The data suggests that Alphabet is defending its search franchise while its own AI products, led by Gemini, add a second growth engine on top of it.