Alphabet (GOOGL) Stock Up 3.76% on Wednesday, Google to Establish a New Town-Like Tech Hub

UTC by Steve Muchoki · 2 min read
Alphabet (GOOGL) Stock Up 3.76% on Wednesday, Google to Establish a New Town-Like Tech Hub
Photo: Depositphotos

Alphabet Inc. stock (NASDAQ: GOOGL) jumped 3.76% yesterday to close the day trading at $1717.39. This came after the company announced plans to develop a self-sufficient new town-like tech hub in the Mountain View area.

American multinational conglomerate headquartered in Mountain View, California, Alphabet Inc. (NASDAQ: GOOGL), stock continued with their upward movement on Wednesday gaining 3.76%. After closing yesterday at $1717.39, GOOGL shares were 0.1% up in the after hours trading session.

The rise comes amidst general slow recovery of the market from the coronavirus market disruption. With several fundamentals supporting its upward rise, investors and also Wall Street analysts are confident the rise may continue in the coming quarters. With 300.47 million outstanding shares through $1.13 trillion market capitalization, the stock has a huge room to rise and continue recording new all time highs.

According to metrics provided by Marketwatch, GOOGL stock has added 28.22% year to date through Wednesday, surged 21.43% in the past three months, added 14.12% in the last month, and managed 5.46% in the last five days. The continued gains despite the crisis that have left most companies in different industries in losses have sharpened the company’s ability to deliver in the future in case of any possible crisis.

Alphabet On the Mountain View Development

With the reported increased shortage of affordable housing in the United States, Alphabet management has a master plan to build self-sufficient housing projects in their vast pieces of land. According to the company, it plans to convert 40 acres of Mountain View land into a new mixed-use campus. The Middlefield Park Master Plan envisions a campus that includes up to 1.33 million square feet of office space, 30,000 square feet of retail-type use, up to 1,850 housing units, and 20,000 square feet of civic and event space, as well as 12 acres of open space.

Google real estate director, Michael Tymoff, said:

“It’s certainly one of the ideas in the Precise Plan to create a mixed-use neighborhood where a lot of the needs and services are within walking distance from where you live and work”.

In order to see the project successfully transitioned from a vision to reality, Alphabet has partnered with an Australian based real estate developer, LendLease.

This is among other similar projects the company is undertaking to solve the issue of affordable housing, mostly to its vast number of employees. Having set aside over $1 billion for the projects, the company is seeking a long term solution for a stable future of its employees and also business operations.

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