Alphabet Inc. (NASDAQ: GOOGL), has partnered up with a local company to offer sovereign clouds services in Malaysia.
The tech giant expects that its investments will create 26,500 new jobs and add more than $3.0 billion in the economy of the country by 2030.
“Our investments are designed for high performance and reliability to meet demand for cloud and AI service across the country,” Ruth Porat said today in a company statement.
This year, tech companies have invested aggressively in Malaysia as part of the government’s efforts to position Malaysia as a hub for artificial intelligence.
Google has committed to invest another $1.0 billion in Thailand to establish a cloud region.
The Nasdaq listed firm is investing heavily in Southeast Asia in order to meet the growing demand for cloud services in the region and boost AI adoption.
Since 2019, it has already trained 355,000 Malaysians digital skills. Tengku Aziz, the Malaysian trade and industry minister:
Malaysia is well-positioned to meet the growing demand for data storage and processing solutions in Asia.
Malaysia has already reaped the benefits of its tech investments, as its economy grew faster than expected over the last two quarters. Ringgit is also emerging as one of Asia’s top performing currencies.
What is the current value of Google stock?
Google stock will benefit as Google continues to expand globally in cloud services and AI.
Pivotal Research analysts assumed coverage of Alphabet Inc with a “buy rating” today. The investment firm expects shares of the tech giant to rise with a $215 price target, which is a potential increase of more than 30%.
Pivotal expects Google’s cloud computing business and AI to grow faster and has deemed the current valuation favorable in terms of reward/risk.
The Department of Justice has recently called the search business of the company a monopoly, but experts at the firm are convinced that an administration led by Harris will likely lead to positive development on that front.
Pivotal Research praised Google’s “very competitive position with a moat” and said that the stock was worth owning, even if it took longer than expected for its AI push to reflect in financials.
Google is also a dividend paying stock, which is another reason to include it in your portfolio.
This post Malaysia to gain $3B GDP and 26,500 new jobs from Google investment by 2030 may be updated as new information becomes available
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