Citizens Reaffirms Market Outperform on Alphabet Amid AI Chip Advancements

Citizens has reiterated its Market Outperform rating on Alphabet stock (), with a price target of $515.00, citing strong value relative to growth prospects.

The tech giant, with a market cap of $4.22 trillion, has delivered a remarkable 63% return over the past year.

Citizens noted that Anthropic explored then abandoned the acquisition of Matx, an AI-chip company founded by former Google TPU engineers.

The firm stated that with the announcement of OpenAI's Jalapeño chip, vertical integration is just beginning for the frontier labs.