There is certainly a case to be made for Alphabet (GOOGL) emerging as the best high-growth Nasdaq stock that is turning a profit in 2024. The Magnificent Seven stock has continued to prove its value, posting a five-year net income growth of more than 20% and thriving this year.

Google has continued to embrace the new direction of the tech sector. Therefore, interest in its stock has reflected this move. As it continues to embrace artificial intelligence (AI) and cloud-based computing, the argument for its superiority within Nasdaq stocks becomes all the more undeniable.

Also Read: Alphabet (GOOGL): Analysts Say Google is a Buy-Now Stock

Alphabet Thriving as Magnificent 7 Stock Eyes Continued Success This Year

In a recent report from Truist Financial, Alphabet saw its target price increase to $220. Moreover, that came from the firm placing a buy rating on GOOGL as the stock faces a potential increase of almost 33% from its previous close. These factors reinforce the return to form for the stock, and how it looks to continue dominating throughout this year.

Now, Alphabet (GOOGL) has emerged as one of the best high-growth stocks on the Nasdaq. Indeed, its dominance should be no surprise, considering the vast footprint it has on technology and various operating systems. YouTube, Gmail, Android, and Google as a search engine are all thriving. Moreover, they all present key points of growth for the stock.

With Tesla bringing forth interest in autonomous driving capabilities, Alphabet has quietly made headway on its Waymo project. The company had already announced a notable deal with Hyundai. Specifically, the partnership will bring these robotaxi-like vehicles to the platform over the next five years.

Also Read: Alphabet Inc. US Stock: Target $201: Should You Invest In Google?

In a Q2 investor letter, Patient Capital Opportunity Equity Strategy noted the continued resurgence of GOOGL. Specifically, they stated their belief that “the market underappreciated Google’s exposure to AI with its Gemini model being integrated into search results, YouTube advertising, and its cloud offering.”

Additionally, the company unveiled a new AI-redesigned Google Shopping website. According to the company’s blog, it uses AI technology to show users relevant products. The new design used Gemini with 45 billion product listings to overhaul the experience. These kinds of developments reinforce the trajectory of the company. Moreover, they fortify its potential to grow even more this year.