I have not been big on the FANG names of late. I used to play them all the time, particularly around earnings season. Amazon (AMZN) - Get Amazon.com, Inc. Report is the only name of the four that I have stayed in straight through. Obviously that stock has been good to me. I have not played Netflix (NFLX) - Get Netflix, Inc. (NFLX) Report nearly as well, recently covering my short position when the stock hit my panic point. That's what panic points are for -- and are identified simply as a way to enforce personal discipline.
That leaves Alphabet (GOOGL) - Get Alphabet Inc. Class A Report . I am flat this name, but have been long more often than not over the past few years. I got rid of this one when I lost faith back in March. If I was going to buy it back, however, it sure looks like I probably have missed anything close to the bottom.
Last week, Alphabet hosted it's I/O developers' conference. It's artificial intelligence technology was obviously showcased, but it was Waymo that stole the show. Particularly, it was UBS that touted Google's progress on its autonomous vehicle.
UBS estimates that Waymo could provide $114 billion in revenue to Alphabet by 2030. UBS also places an optimal long-term valuation of Waymo within Alphabet at $135 billion. This is considerably higher than valuations placed on Waymo previously by Morgan Stanley, and Jefferies.
UBS also gave positive nods in the autonomous vehicle space to Nvidia (NVDA) - Get NVIDIA Corporation Report and Intel (INTC) - Get Intel Corporation (INTC) Report on the semi-conductor side of this growing business.
Do I Get Long Google Now?
I think I do, but as always, carefully. News broke last week that Amazon had halted the purchase of high revenue advertising space on Google search results. Alphabet's stock did not even skip a beat. I would have liked to have seen some scattered weakness on this news, and I spent almost the entire day Monday bidding for these shares below the market, without ever really coming that close to buying any.
I would love to get a second swing at a fat pitch below the $1,060 level. That's not likely to happen. I would surely get a little aggressive around $1,080. I will probably wet the beak just below $1,100 just to make sure that I get involved.
At the time of publication Guilfoyle was long AMZN, INTC, NVDA equity.
Action Alerts PLUS, which Jim Cramer manages as a charitable trust, is long AMZN, FB, NVDA and GOOGL.