Alphabet: GOOGL gains after introducing advanced server chip

Alphabet unviels new Arm-based Axion TPU to compete with Nvidia, Intel, AMD. The v5p chip will only be accessibly via Google Cloud.

stock rises on the news despite market sell-off ahead of March CPI. Technicals show that Alphabet stock is likely to experiencea near-term reversal. Alphabet , the parent of Google, released its answer to Nvidia on Tuesday with an Arm-based type of central processing unit meant to carry artificial intelligence workloads in data centers.

stock saw its light dim since the morning session on Tuesday when the stock shot up about 2.4% to $158.56, an all-time high. With prospects for the market dimming until the CPI data comes in for March on Wednesday, traders are standing pat. If the CPI data comes in hot, then expect stock to return to support at $153, which was an area of resistance in January. Somewhat more importantly, the technicals for Alphabet stock are bearish. First, Tuesday's candlestick looks like a textbook Shooting Star. Rendered like an upside down hammer, the chart pattern at the top of a staircase rally often signals that a bearish reversal is in order.

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Source: Tech Daily Report (techdailyreport.net)

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