Alphabet (GOOGL) has announced a new $9 billion investment in Virginia through 2026 in cloud and AI infrastructure. The Google developer is building a new data center in Chesterfield County with funding, which will assist in the growing energy capacity demand.
“This investment goes beyond infrastructure,” Google said in a blog post on Wednesday. “We’re also equipping Virginians with AI and job-ready skills, at no cost. As part of a broader $1 billion commitment, all Virginia-based college students now have access to the Google AI Pro plan and AI training for a year, and the University of Virginia, Brightpoint Community College, and Northern Virginia Community College are part of the first cohort of the Google AI for Education Accelerator.”
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Alphabet Stock (GOOGL) is trading higher in the last 24 hours as a result of the announcement. Since Wednesday, GOOGL is up 2.4%, with the announcement countering scrutiny the company is facing from several AGs around the country. Currently, Alphabet is also facing scrutiny as 44 states’ attorneys general push for payment service providers to curb deepfake pornography. Its not the first legal troubles Alphabet has entered this year, as its already in the midst of a DOJ investigation and is facing pressure to sell Google Chrome.
At press time, most analysts maintain a positive stance on Alphabet (GOOGL) stock. Most price targets are generally above its current market price of $207.48. Tigress Financial is the most optimistic with a $240 price target, while Rosenblatt is more conservative with a $191 target. GOOGL is currently trading near the top of its 52-week range and above its 200-day simple moving average.