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Alphabet shares close lower on Thursday, over $7 billion to be invested in Google offices and data centers in US this year

Alphabet Inc’s Google announced on Thursday plans to invest more than $7 billion in offices and data centers across the United States at a time when Internet traffic rises, as COVID-19-related restrictive measures prompted more users and advertisers to go online.

The latest investment aims to expand Google’s data centers in Nebraska, South Carolina and Texas, the company said.

Last year Google invested more than $10 billion in US offices and data centers, while in 2019 – over $13 billion.

The tech giant also intends to invest $1 billion in its home state of California.

Google’s CEO Sundar Pichai said that the initiatives were expected to create at least 10,000 new full-time jobs.

Alphabet shares closed lower for a second consecutive trading session on NASDAQ on Thursday. It has also been the steepest single-session loss since March 8th. The stock went down 2.62% ($54.86) to $2,036.22, after touching an intraday low at $2,034.45, or a price level not seen since March 10th ($2,034.21).

Shares of Alphabet Inc have risen 16.23% so far in 2021 compared with a 4.24% gain for the benchmark index, S&P 500 (SPX).

In 2020, Alphabet’s stock went up 31.03%, thus, it again outperformed the S&P 500, which registered a 16.26% gain.

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