John L. Hennessy, a director at Alphabet Inc. (NASDAQ:GOOGL), recently sold shares of the company's Class A Common Stock totaling $291,335. The transactions, executed on December 12, 2024, were conducted under a pre-established trading plan. Hennessy sold a total of 1,500 shares at prices ranging from $192.805 to $195.0291 per share. The sale comes as Alphabet, with its $2.32 trillion market cap, trades near its 52-week high of $195.61, having gained 8.77% in the past week alone.
Following these transactions, Hennessy holds 23,324 shares of Class A Common Stock indirectly through a trust. The sales were part of a Rule 10b5-1 Trading Plan, which allows insiders to set up a predetermined plan to sell stocks, providing them with an affirmative defense against potential accusations of insider trading. According to InvestingPro, Alphabet maintains a "GREAT" financial health score, with 14 additional exclusive ProTips available for subscribers seeking deeper insights into the company's performance and valuation metrics.
In other recent news, Alphabet, the parent company of Google, has been designated by the United States as a gatekeeper for the distribution of artificial intelligence (AI) chips overseas, according to draft regulations. Alphabet's new role is part of a broader initiative to balance the export of AI chips with the prevention of their acquisition by entities that could pose a threat. In other developments, Alphabet has been maintained as a 'Buy' by Goldman Sachs, reflecting confidence in the company's AI innovation and market position.
Google, another Alphabet subsidiary, has been hit with a $75 million antitrust fine by Turkey's regulatory authority. The fine is a response to Google's anti-competitive practices, specifically favoring its own supply-side platform over competitors. The company has six months to rectify the situation or face additional daily fines.
In the tech sector, the Magnificent Seven, a group of leading technology companies that includes Alphabet, have been predicted by deVere Group's CEO Nigel Green to maintain their market dominance into 2025, primarily due to their leadership in high-growth sectors like AI and cloud computing.
In the quantum computing realm, Alphabet recently announced the development of Willow, a new quantum computing chip that promises substantial improvements in performance and error rates. This development comes alongside Alphabet's ongoing efforts to integrate AI-driven tools into its suite of enterprise services.
Finally, Rigetti Computing, a company specializing in quantum-classical computing, saw its shares decline after a critical comment from Citron Research. Despite this, Rigetti and Quantum (NASDAQ:QMCO) Machines recently announced the successful application of AI to automate the calibration of a quantum computer.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.