- Alphabet invested $4 billion in a new AI data center in West Memphis, Arkansas.
- The company also launched a $25 million Energy Impact Fund for local energy initiatives.
- Alphabet shares fell 2% over the past week despite the announcement.
- Wall Street analysts remain optimistic about GOOGL stock, with the majority recommending a buy.
- Shares are trading near their 52-week high and above the 200-day moving average.
Alphabet has announced a $4 billion investment to build its first data center in Arkansas, supporting Artificial Intelligence and cloud technology in West Memphis. The move aims to strengthen the company’s technological infrastructure and assist local programs focused on energy resilience and affordability.
Alongside the data center investment, Alphabet introduced a $25 million Energy Impact Fund. This fund targets initiatives to improve energy efficiency and lower utility costs for residents in Crittenden County and nearby communities.
Even with these developments, GOOGL shares are down about 2% over the last week. Despite this dip, many industry analysts are positive about the stock. Saira Malik, chief investment officer at Nuveen, said on CNBC that “Alphabet Inc. continues to be a leader in the AI space. Looking at Alphabet, people are worried about what the impact of OpenAI will be on Google’s advertising business and genesis. I think the impact is not going to be as great as people think, and you have the upside from Waymo and their YouTube business.”
Several other analysts have also released upbeat research on Alphabet. According to Pivotal Research, the target price for GOOGL increased from $245 to $300 per share, with a “buy” rating reaffirmed. Out of 73 analysts surveyed by CNN, 82% consider GOOGL a buy, while none recommend selling. Jefferies also raised its price target to $285. At the time of reporting, GOOGL stock trades near its highest point in the past year and remains above its 200-day simple moving average, which is a measure used by investors to analyze price trends.
For additional insights, read: Alphabet: How Search, Cloud Business May Boom GOOGL Stock.
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