Alphabet Inc (NASDAQ:GOOG) shares are popping Wednesday, bouncing off the stock’s 200-day moving average as a cluster of key averages appears to be acting as a support zone for the rally. Here’s what you should know.

• Alphabet stock is showing exceptional strength. Why is GOOG stock up today?

Alphabet’s Chart Shows a Stock Working Through a Mid-Year Reset

Alphabet still looks like it’s in a longer-term uptrend working through a mid-year reset, with the stock up 42.60% over the past 12 months and trading 2.9% above its 200-day average of $337.14. In the near term, shares also sit 2.2% above the 20-day average of $339.47 and 1.6% above the 50-day average of $341.61.

The moving-average picture is somewhat mixed, with the 20-day average still below the 50-day, a near-term bearish signal, even as the 50-day holds above the 200-day, a more constructive longer-term setup. That combination often shows up when a stock is transitioning out of consolidation and back into a trend without having fully cleared its intermediate-term ceiling.

Today’s strength ties back to Alphabet finding support right at that 200-day average, a level sitting within a broader cluster of moving averages bunched close together. That tight grouping of technical levels can make moves feel fast once they get going, and today’s bounce looks like exactly that kind of move off a well-defined floor.

Anthropic’s IPO Filing Shows Heavy Reliance On Google Distribution

Separately, Anthropic’s confidential IPO prospectus, reviewed by Reuters, revealed the AI company routed 47% of its 2025 sales, or about $2.16 billion, through cloud partners Amazon and Google, underscoring how central Google’s platform has become to Anthropic’s distribution.

Anthropic paid the two cloud giants about $351 million in distribution fees over the same stretch, meaning roughly 16 cents of every dollar sold through their marketplaces flowed back to the platforms themselves.

The filing described the relationship as mutually beneficial, since Anthropic said offering its Claude models through Amazon, Google and Microsoft’s cloud platforms gives it access to customer bases it likely couldn’t reach on its own. Google and Amazon are both major investors in Anthropic and critical suppliers of the computing power behind its models, in addition to being distribution partners.

Anthropic’s reliance on the two companies has climbed steadily, with the share of revenue flowing through them jumping from just 11% in 2023 to 32% a year later and nearly half of all sales in 2025. The two companies also now collect 60% of Anthropic’s outstanding customer bills, up from 42% the year before.

GOOG Shares Are Jumping

GOOG Price Action: Alphabet shares were up 2.21% at $344.39 at the time of publication on Wednesday, according to Benzinga Pro.

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