Piper Sandler raised its price target for Alphabet (GOOG) to $400 from $395 and maintained its overweight rating. The firm cited expected growth in sales of Google's Tensor Processing Units (TPUs). Analysts said TPU sales could exceed $100 billion by 2028.
Piper Sandler also raised its 2027 and 2028 Google Cloud revenue estimates to 15% and 17% above consensus, respectively.
Google said it will continue to provide updates to existing Chromebooks throughout their lifetime as it introduces the new Googlebook OS. Senate Democrats, including Senator Elizabeth Warren, are probing the tax deductions Google claimed for AI and data center development. Google is investing more than $15 billion in digital infrastructure in Finland to support its AI and cloud services.