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Investing.com - DA Davidson has reiterated its Neutral rating and $300.00 price target on Alphabet (NASDAQ:GOOGL), following reports that Meta is considering purchasing Google’s Tensor Processing Units (TPUs).
The Information reported that Meta is in discussions with Google to buy TPUs for deployment in Meta’s own data centers, rather than renting the computing resources through Google Cloud.
This development represents the latest indication of growing demand for Google’s specialized AI chips, particularly from frontier lab customers, according to DA Davidson.
The report suggests Google is becoming more open to selling its TPU systems externally, potentially expanding beyond its traditional cloud-based offering model.
DA Davidson maintained its Neutral stance on Alphabet stock despite this development, keeping its price target unchanged at $300.
In other recent news, Alphabet has expanded its TPU AI chip, which has positively impacted its Asian suppliers and poses a challenge to Nvidia’s dominance in the AI chip market. BNP Paribas Exane has initiated coverage on Alphabet with an "Outperform" rating and a price target of $355, citing Alphabet’s strong position in AI, cloud computing, and video advertising. Additionally, Citizen analyst has reiterated a "Market Outperform" rating on Alphabet, with a $340 price target, highlighting the growth of Alphabet’s autonomous vehicle unit, Waymo, as a significant factor.
BofA Securities has discussed the "OpenAI dilemma" for tech companies, noting OpenAI’s dual role as both a valuable cloud customer and a potential competitor. OpenAI’s demand for computing power has resulted in significant multi-year deals with major cloud providers, including a substantial agreement with Google in the third quarter, contributing to a $49 billion backlog growth. Alphabet has also unveiled Nano Banana Pro, an advanced image generation and editing model, offering improved text rendering and creative controls over its predecessor. These developments reflect Alphabet’s ongoing advancements in technology and strategic positioning in the market.
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