Alphabet stock hits a 52-week high as AI rally gets another boost

investing.com:

Alphabet (NASDAQ:GOOGL) stock added 3.4% today following a report from The Information outlining the company’s intentions to revamp a segment of its expansive 30,000-strong ad-sales unit amidst the ongoing GenAI boom.

Senior officers reportedly communicated during a recent meeting that Google is in the process of restructuring its ad sales teams. However, specific details regarding potential layoffs were not explicitly disclosed in the report.

The restructuring initiative is geared towards consolidating staff, with the possibility of incorporating layoffs, particularly by reallocating employees within the large customer sales unit overseeing relationships with major advertisers, as indicated by an informed source cited in the report.

This strategic overhaul aligns with Google's broader shift towards leveraging machine-learning techniques to facilitate increased ad purchases across its search engine, YouTube, and other service platforms.

Shares have been on the rise recently amid improving macro sentiment as well as positive comments from analysts in response to the recent AI-focused event.