BNP Paribas lifted Alphabet to $450 from $420, citing potential revenue from sales of its in-house AI chips, TPUs. The bull case is broadening from search and cloud into silicon, and the Street is sta

What happened: BNP Paribas raised its price target on Alphabet (GOOGL) to $450 from $420, citing potential revenue from sales of its tensor processing units, or TPUs, the company's in-house AI chips. Key numbers: Price target raised to $450 from $420. The $450 target is based on 26.5 times an estimate. Why it matters: The bank tied the higher target to possible TPU sales revenue, pointing to the in-house AI chips as a factor in its valuation of Alphabet.

BNP Paribas raised Alphabet's price target to $450 on TPU outlook.

BNP Paribas raised Alphabet's price target to $450 on TPU outlook. — impact context not separately stored; see What changed.