Alphabet (GOOG) is trading around $306 on Tuesday, after one of the roughest stretches among Big Tech — the stock has slid nearly 5% in the past week and dropped from about $345 to $306 during February. The move is part of a broader market rotation: leading tech names have lost ground this year while the energy sector has been on the rise. Despite the pullback, TD Cowen issued a buy recommendation for Alphabet in February, setting a $365 price target. That implies roughly 19% upside from current levels — a $1,000 stake would be worth about $1,190 if the call pans out. The bank’s bullish case bucks the wider tech slump that’s erased nearly $1.4 trillion in market value this year. What’s driving TD Cowen’s optimism is Waymo. The firm highlights accelerating usage in California: Waymo completed 1.26 million trips in December, up from 1.02 million in September, and recorded a 3.8% quarter-over-quarter increase as it expanded in Los Angeles and San Francisco. The service is now doing roughly 280,000 weekly trips in the state — a scale TD Cowen says competitors Cruise and Zoox are watching closely. The investment bank argues Waymo’s growth is an underrated catalyst that could help Alphabet rebound. Alphabet’s broad reach — from search and cloud to autonomous vehicles — plus ongoing acquisitions that absorb smaller competitors, also figures into the bullish thesis. Still, the wider macro and sectoral pressures that have hammered tech remain a risk for the stock. For crypto-focused readers, the move underscores how sector rotations and shifting institutional capital can ripple across risk assets. A renewed tech rally led by real-world monetization plays like autonomous mobility could impact broader market sentiment and capital flows, including into crypto — but timelines and execution risks remain key variables. Read more AI-generated news on: undefined/news

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