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HSBC starts Alphabet with Buy on AI strategy

HSBC analyst Paul Rossington initiated coverage of Alphabet (GOOG) (GOOGL) with a Buy rating and $285 price target. The firm is positive on Alphabet’s artificial intelligence strategy via Gemini development, Ironwood chips and “gold-standard” datasets. The company’s two most valuable businesses are Google Search and Google Cloud while further growth will come from YouTube, the analyst tells investors in a research note. HSBC expects continued subscriber gains within YouTube Music and Premium. Further growth in Alphabet’s three core businesses should drive further margin expansion, the firm contends.

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