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Alphabet Inc. (NASDAQ:GOOGL) is one of the AI Stocks That Will Skyrocket.
Technology giant Alphabet Inc. (NASDAQ:GOOGL)’s shares were on banking giant Wells Fargo’s radar on February 23rd. It upgraded the stock to Overweight and raised the share price target to $387 from $354. Wells Fargo commented that Alphabet Inc. (NASDAQ:GOOGL)’s compute capacity and customer data were among the advantages that the firm enjoyed. The bank added that the technology company was planning to expand its compute capacity to 35 gigawatts by 2028 end from 15 gigawatts at the end of 2025.
Compute capacity requires power, and on February 24th, Alphabet Inc. (NASDAQ:GOOGL) announced that it had entered into agreements with utilities AES Corp and Xcel Energy to power up data centers in Pine Island, Minnesota and Wilbarger County, Texas. As part of the deal, Alphabet Inc. (NASDAQ:GOOGL) also announced that it would invest $50 million in Xcel’s efforts to build a battery storage network in Minnesota.
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Alphabet Inc. (NASDAQ:GOOGL) is one of the largest technology companies in the world. It operates in the search engine, cloud computing, video streaming, and other industries.
While we acknowledge the potential of GOOGL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
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