Wall Street is raising red flags as Google's Alphabet stock (NASDAQ: GOOG) flirts with its yearly high near $344, with analysts warning a 10% correction could be imminent ahead of the April 29 earnings call. The stock opened Thursday's bell at $337, driven by a surge in institutional accumulation before the revenue report. However, with GOOG now hovering near its peak, growing caution among traders suggests the bullish momentum may be unsustainable, making the earnings call a make-or-break moment for the equity.

Google Stock: Should You Invest in GOOG Today?

Google dominates the search and AI sector, with Gemini gaining larger popularity in 2026. The increase in users comes after Alphabet enabled the AI bot in the Chrome browser, allowing direct access to users. The move also helps in gaining extended revenue as many more users now interact with Gemini. Analysts are also expecting an upside due to the development that could boost Google stock next.

In addition, the Google Cloud has huge upside potential and is AI-driven, and is the fastest-growing major cloud computing service. Revenues have surged 48% year-over-year to $17.7 billion. It represents an annual run rate exceeding $70 billion and is expected to grow further. Google’s stock is the direct beneficiary of this growth if the numbers reflect in the revenues call.

GOOG, which saw a rally from $273 to $339 in three weeks, experienced a pullback to $330 this week. It rebounded again after the deal with Marvell Technologies (NASDAQ: MRVL), where it will build custom AI chips for Alphabet. The partnership with Google made Broadcom stock (NASDAQ: AVGO) enter muddy waters.

So, should you buy Google stock now or not? The answer to this is your risk appetite. Since the earnings call is less than a week away, the risk-to-reward ratio is high. If the $185 billion capex justifies the growth and upcoming revenues, GOOG is set for a rally. If the numbers disappoint, the tech titan is set for a crash. Only those who can stomach these risks should buy GOOG this week.