NEW YORK/SAN FRANCISCO: Google Inc’s shares have clung tenaciously near record highs after a three-month, 30% rally fuelled by rising optimism about Internet advertising, but Wall Street fears it may be running out of steam.

Google stock has hovered near an all-time high of US$774.38 (RM2,323.14) since touching that peak on Oct 5. To break through that level, investors and analysts say it needs to run a gauntlet of risks that could undermine its status as technology’s second-most valuable company.