BofA resets Google stock price target after earnings smasher

Alphabet (GOOGL) has the most popular search engine, is a hyperscaler, and one of the best-positioned companies in the artificial intelligence race. The company classifies its two revenue streams as Google Cloud and Google Services.

The stock is up about 17.8% year to date, at the time of writing, Thursday morning, April 30, according to Yahoo Finance. Meanwhile, the SPDR S&P 500 index (SPY) is up about 4.5% in the same period.

Following a very strong Q1 report on April 29, which beat Wall Street consensus estimates, the stock is soaring 5.5% and trading near $369.3.

Other key news for the stock:

• Google has signed a deal to provide the Pentagon with its AI models for classified work, reported The New York Times.

• On April 22 at Google Cloud Next, the company unveiled its eighth generation of custom Tensor Processor Units (TPU).

• Alphabet said it will invest up to $40 billion in Anthropic, reported Reuters.

Key facts from Google’s earnings report