Alphabet Inc. (NASDAQ:GOOGL) stock is trading higher Friday after announcing that it inked a $10 billion deal with Meta to power artificial intelligence (AI) ambitions.
What To Know: Meta signed a six-year agreement with Google Cloud worth more than $10 billion, according to CNBC. The deal will give Meta access to Google's cloud servers, storage and networking to support its AI infrastructure.
Google has been aggressively pursuing large cloud contracts as it works to close the gap with Amazon Web Services and Microsoft Azure. Earlier this year, the company also won business from OpenAI.
In the second quarter, Alphabet reported that Google Cloud generated $13.6 billion in revenue, up 32% year-over-year, and produced $2.83 billion in operating income.
How To Buy Alphabet Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Alphabet’s case, it is in the Communication Services sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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GOOGL Price Action: At the time of writing, Alphabet stock is trading 3.56% higher at $207.77, according to data from Benzinga Pro.
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