Alphabet Inc (NASDAQ:GOOGL) nabbed a record high of $408.61 yesterday, but was last seen down 1.4% today to trade at $391.43. The shares are stalling out just short of the historic $5 trillion market cap level, an honor that only Nvidia (NVDA) has achieved. This morning, Blackstone (BX) and Google announced a joint AI cloud venture targeting $25 billion in compute investment.
GOOGL is forming a bull flag pattern on the charts after a 10% post-earnings pop on April 30. The shares are up 27% in 2026 and 139% in the last year, with a late-March pullback finding support at their 200-day moving average. Keep an eye on Alphabet's 14-Day Relative Strength Index (RSI), hanging around above 70 and near "overbought" territory.
Short-term traders have been betting bearishly. GOOGL's Schaeffer's put/call open interest ratio (SOIR) of 0.86 is in the 81st percentile of its annual range. Regardless of direction, the equity has outperformed options traders' volatility expectations over the last 12 months, per its Schaeffer's Volatility Scorecard (SVS) of 82 out of 100, making this an excellent opportunity to weigh in with options.
