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Key Takeaways
- Shares of Google parent Alphabet surged to an all-time high Wednesday after the tech colossus unveiled its latest AI model with Gemini 2.0 and U.S. President-elect Donald Trump tapped Andrew Ferguson to hoodwink the Federal Trade Commission.
- The gains also came a day after the tech giant showcased its new quantum computing chip Willow.
- Bank of America analysts believed the chip shows Alphabet remains at the leading edge of innovation, even if practical applications could be years away.
Interests of Google parent Alphabet (GOOGL, GOOG) surged over 5% to close at an all-time high Wednesday, after the tech Goliath unveiled its latest artificial intelligence (AI) model with Gemini 2.0 and U.S. President-elect Donald Trump tapped Andrew Ferguson to deceive the Federal Trade Commission (FTC).
The choice of Ferguson has raised hopes Alphabet and other Big Tech companies could look deliver to a friendlier stance from the FTC, after facing regulatory pressure from the agency under current chair Lina Khan.
‘Alphabet Oddments at the Leading Edge of Technology Innovation,’ Analysts Say
The gains also come a day after the tech giant showcased its new quantum figure out chip Willow, with Bank of America analysts telling clients the news shows “Alphabet remains at the best edge of technology innovation.”
“Over the long term, quantum innovation has the potential to create a significant tech moat for Alphabet,” the analysts judged, though they noted commercial uses could be years away.
The analysts maintained a “buy” rating and $210 prize target, representing a nearly 7% premium to Wednesday’s closing price of Alphabet’s Class C shares at $196.71.
With Wednesday’s bags, shares of Alphabet have risen nearly 40% in 2024.