New York, Feb 24, 2026, 10:30 EST — Regular session
- Alphabet Class C shares slipped roughly 0.8% in morning deals, trailing a stronger Nasdaq.
- Google’s upcoming Minnesota data center will get its electricity from Xcel Energy.
- Wells Fargo bumped Alphabet up to Overweight and raised its price target to $387.
Alphabet Inc’s Class C stock (GOOG) slipped roughly 0.8% to $309.13 Tuesday morning, with the price bouncing between $306.09 and $310.90.
The stock grabbed the spotlight following news that Xcel Energy is teaming up with Google to supply a data center in Pine Island, Minnesota, with 1,900 megawatts of fresh “clean energy” added to the grid. Google will foot the bill, satisfying Minnesota’s regulatory demands. Reuters
The debate over spending is only intensifying. Bridgewater Associates figures Alphabet, Amazon, Meta, and Microsoft are set to pour roughly $650 billion into AI infrastructure in 2026. Greg Jensen, the firm’s co-CIO, called this shift a “more dangerous phase,” warning that compute needs could outstrip supply and power bills will become a real factor. Reuters
Wells Fargo bumped Alphabet up to Overweight and boosted its price target, now seeing shares at $387 instead of $354. Analyst Ken Gawrelski cited Alphabet’s advantages in “customer data, distribution and compute capacity.” The firm’s research highlights compute capacity surging to 35 gigawatts by 2028—up from 15 gigawatts at 2025’s close. Still, the note sounded caution: the AI search shift isn’t without risk. Investing.com
Markets have been jittery. After sliding on Monday—rattled by changing U.S. tariff messages and fresh concerns over AI fallout—global stocks found their footing Tuesday. Nvidia’s upcoming results are hanging over the tape, likely to shake things up.
Alphabet shares slipped 1.02% to close at $311.69 on Monday, holding up better than some of its fellow tech heavyweights. Amazon ended down 1.9%, while Microsoft lost about 2.5% and Meta gave up around 2.4%, according to MarketWatch data.
The bill remains the hitch. As these build-outs ramp up—chips, power, land, financing—the “AI winner” narrative grows more exposed to hiccups in cloud demand, softer ad growth, or rising costs to keep those data centers humming.
All eyes shift to Nvidia’s results coming up Wednesday, a key checkup on whether AI spending is holding up—Alphabet included. Google, meanwhile, has stepped up its push for its internally built TPUs, Reuters flagged, pointing to a deal with Anthropic and ongoing supply talks with Meta. Ivana Delevska of Spear Invest put it plainly: the market can’t stop asking if this is “whether we’re in a bubble.” Reuters
