What happened Shares of search and cloud giant Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) were climbing higher Monday, up as much as 3% early in trading before settling into a 1.5% gain as of 2:52 p.m. Not only does Thill anticipate that Alphabet will act to cut its labor costs, he also is expecting a recovery in the digital ad market to begin at some point this year. Alphabet saw a material deceleration in its ad revenues in 2022's third quarter as high inflation and rapid interest rate hikes caused advertisers to pull back on their marketing spending.