Alphabet Inc. (NASDAQ:GOOGL) was among the stocks Jim Cramer highlighted on Mad Money as he noted that the market has an appetite for stocks. Cramer highlighted the company’s stock repurchases, as he said:
Something may be going on with the underwriting process that we haven’t seen very often. We just had a phenomenally successful Alphabet secondary priced well by Goldman Sachs to the point that it looked like we had very few flippers and a lot more demand than we expected. It was an outstanding success, just a huge amount of demand… Alphabet bought back $45 billion worth of stock. In the first quarter of this year, it snapped up another 15 billion. So it’s last year, 45, this year, 15. Now it is selling similar volumes. Can you believe that? Sold it, all the stock they bought last year? Wow.
Alphabet Inc. (NASDAQ:GOOGL) provides technology-related products and services, including search, advertising, cloud computing, AI tools, and digital content platforms such as YouTube and Google Play. The stock was mentioned by Cramer during the June 3 episode, and he remarked:
Now, we should be heartened by what happened to the stock of Alphabet today. They were able to raise some $45 billion out of $85 billion that they wanted to raise totally, pretty much in a snap, and the stock even traded up briefly after the pricing. Perhaps that’s because Berkshire Hathaway bought $10 billion worth, good imprimatur, even if it’s the Greg Abel Berkshire and not the Warren Buffett version. I think Goldman Sachs did a remarkable job placing that deal. Point is, Alphabet could raise serious money and look at the action in the stock… you know, barely notice. It was the first though, in the shoot for these companies. That was a really smart move.
While we acknowledge the potential of GOOGL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years
Disclosure: None. Follow Insider Monkey on Google News.
