Tech giant Alphabet (GOOGL) announced today that it will invest €5 billion ($5.8 billion) over the next two years to grow its cloud and artificial intelligence infrastructure in Belgium. More specifically, the investment will expand Google’s data center campuses in Saint-Ghislain and create 300 new full-time jobs.
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As part of this investment, Google has signed new agreements with energy providers Eneco, Luminus, and Renner to build onshore wind farms that will power the data centers with clean energy. In addition to building infrastructure, Google is also focused on helping Belgium’s workforce adapt to an AI-driven economy. As a result, the company will fund local non-profits to provide free, practical AI training to help low-skilled workers gain valuable tech skills at no cost.
This announcement is part of Google’s plan to grow its AI and cloud capabilities. In fact, the company recently committed $10 billion to expand in India, $4 billion for a new data center in Arkansas, and £5 billion for the United Kingdom. Google called this an “extraordinary time” for European innovation and said that its goal is to help Belgium remain a leader in technology and AI while creating real economic opportunities for its people.
Is Google Stock a Good Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on GOOGL stock based on 30 Buys and eight Holds assigned in the past three months. Furthermore, the average GOOGL price target of $249.61 implies that shares are trading near fair value.
