Why Alphabet Stock Tumbled Today
Google parent (NASDAQ: GOOG)(NASDAQ: GOOGL) might be an unstoppable powerhouse in online search, but its stock performance on Thursday was the opposite of strong. The tech giant's share price eroded by almost 2% on the day, due to some discouraging news regarding an important component of one of its hardware products. That decline was steeper than the 0.8% fall of the S 500 index.
According to an article on tech industry site The Information citing two unnamed "people familiar with the matter," Alphabet is delaying the release of the first 100% customized chip for its Pixel smartphone, which apparently is code-named "Redondo" internally. The company had originally planned to roll it out next year, but instead the debut will occur at some point in 2025.
Currently, the phone's "brain" is a semi-custom chip -- the Tensor -- Alphabet's Google developed in partnership with Korean tech conglomerate Samsung. The article's sources said that Alphabet plans to change partners for Tensor, swapping out Samsung for contract chip maker Taiwan Semiconductor Manufacturing.
Source Fool.com
Alphabet Inc. A Stock
The stock is one of the favorites of our community with 101 Buy predictions and 1 Sell predictions.
As a result the target price of 180 € shows a slightly positive potential of 18.25% compared to the current price of 152.22 € for Alphabet Inc. A.
