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