Google Parent Alphabet stock rises to all-time high

Shares of Google parent Alphabet (GOOGL, GOOG) rose over 5% to close at an all-time high on Wednesday after the tech giant unveiled its latest artificial intelligence (AI) model, Gemini 2.0, and US President-elect Donald Trump Andrew Ferguson hired to take over the leadership of the Federal Trade Commission (FTC).

Ferguson’s election has raised hopes that 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.

“Alphabet remains at the forefront of technological innovation,” analysts say

The gains also come a day after the tech giant unveiled its new quantum computing chip Willow. Analysts at Bank of America told clients that the news shows that “Alphabet continues to be at the forefront of technological innovation.”

“In the long term, quantum innovation has the potential to create a significant technology moat for Alphabet,” the analysts said, but noted that commercial use could be years away.

Analysts maintained their “buy” rating and price target at $210, a nearly 7% premium to Alphabet’s Class C shares closing price of $196.71 on Wednesday.

With Wednesday’s gains, Alphabet’s shares are up nearly 40% in 2024.