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Communication Services Sector Boosted by Alphabet (GOOG)
ETF top story for the week of May 8 to 12, 2023
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Alphabet's shares (GOOG) jumped 11.03% last week, after the company unveiled more artificial intelligence in its products to stay ahead of competition from Microsoft.
Alphabet’s rebound helped lift the overall S&P Communication Services sector, which gained 4.34% over the week, outperforming the broader S&P 500 index, which closed 0.29% lower. As a result, the Communication Services Select Sector SPDR Fund recorded inflows of almost $213 million and gained 2.37%.
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Investors appear to be bullish on Alphabet's prospects, given the company's continued innovation around artificial intelligence. The news of Alphabet's AI enhancements comes as Microsoft continues to ramp up its own AI offerings with ChatGPT, making the competition between the two tech giants even more intense.
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Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.
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