Key Takeaways
- Global Google web traffic increased 4% year-over-year in June, reaching 2.8 billion visits, while Claude traffic exploded 736% and Meta AI grew 98%
- Mobile daily active users for Google services expanded 12% year-over-year, maintaining growth alongside ChatGPT’s 51% surge and Claude’s 1,206% jump
- Gemini web traffic expanded more than 4x annually, competing with ChatGPT rather than cannibalizing core Google Search functionality
- Q2 earnings announcement scheduled for July 22; BofA analysts project potential upside versus consensus search revenue estimates based on traffic stability and robust eCommerce activity
- BofA maintains Buy rating with $430 price target; 86% of 67 Wall Street analysts tracked by FactSet recommend buying GOOGL shares
Alphabet (GOOGL) shares are currently priced at $355.67, marking a 14% gain year-to-date in 2026, though the stock has declined 6.5% from its late-May peak. As the company prepares to report Q2 results on July 22, recent web traffic analytics are providing encouraging signals for investors.
Recent analytics from BofA Securities, leveraging Similarweb and Sensor Tower metrics, reveal that Google attracted 2.8 billion global web visits during June, representing a 4% annual increase. While this growth rate appears modest, it demonstrates remarkable resilience in an increasingly competitive landscape.
During the identical timeframe, Claude experienced explosive 736% traffic growth. Meta AI posted a 98% increase. ChatGPT visits remained essentially flat. Yet through this intensifying competition, Google maintained consistent growth momentum.
Mobile metrics echoed this pattern. Google’s daily average mobile users expanded 12% year-over-year. ChatGPT experienced 51% growth while Claude skyrocketed 1,206%. Nevertheless, Google’s massive existing user base continued expanding in absolute terms.
Gemini Growth Doesn’t Cannibalize Core Search
Entering 2026, a significant concern among analysts centered on whether Gemini, Google’s proprietary AI assistant, would divert users from conventional search functionality. Available data suggests this hasn’t materialized.
Gemini’s web traffic multiplied more than four times during the past twelve months. Daily mobile users surged 295%. Critically, these gains appear to have come primarily from ChatGPT rather than Google Search. The company has strategically integrated Gemini into its AI Overview feature within search results, an approach that seems to be delivering intended outcomes.
BofA analyst Justin Post highlighted that management’s characterization of an “expansionary moment for Search” suggests sustained momentum ahead. He identifies potential upside to consensus estimates given traffic stability and healthy eCommerce transaction volumes throughout Q2.
Given that search advertising remains the primary revenue driver for Alphabet, these traffic metrics carry significant weight heading into the earnings announcement.
Wall Street Sentiment
During the previous quarterly report on April 30, Alphabet delivered impressive results. Earnings per share reached $5.11, substantially exceeding the $2.68 consensus forecast. Revenue totaled $109.9 billion, representing 21.8% year-over-year growth and surpassing the $106.96 billion estimate.
The company simultaneously announced a quarterly dividend increase to $0.22 per share from $0.21.
BofA reiterated its Buy recommendation with a $430 price target this Monday. Scotiabank has established a $450 target. Raymond James maintains a Strong Buy rating with a $425 objective. The consensus among 70 analysts stands at Buy with an average price target of $378.53.
Headwinds Facing the Tech Giant
Not everything has been positive. A significant departure of researchers from DeepMind during June concerned investors, sparking questions about Alphabet’s competitive positioning against OpenAI and Anthropic in cutting-edge AI development.
Regulatory challenges are also intensifying. UK authorities have placed Google Cloud under enhanced direct supervision. An ongoing legal battle in India involves the company’s advertising platform. Additional concerns have emerged regarding AI model access potentially being granted to Singapore-registered entities with Chinese corporate connections.
Company insiders have divested $8 million in stock over the previous 90 days. Director Frances Arnold sold 112 shares on June 30 at $351.28 per share.
Institutional investor interest remains robust. Sageworth Trust Co expanded its Alphabet position by 56.1% during Q1. Currently, institutional investors collectively hold 27.26% of outstanding shares.
Alphabet’s market capitalization stands at $4.30 trillion. The stock’s 12-month peak reached $404.47.
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