Alphabet rises after report on OpenAI's plans to by Google chips

Alphabet

Today 11:35

** Alphabet GOOGL.O shares rise 1.3% to $321 premarket, making the Google parent the biggest gainer among the Magnificent 7 stocks
** OpenAI plans to buy Google's AI chips, the Information reported on Tuesday, citing a person familiar with the matter
** Report did not disclose financial terms of the deal
** OpenAI last week said it would make its AI models available through Google Cloud
** Google's Tensor Processing Units have gained traction as an alternative to Nvidia's NVDA.O market-leading AI chips 
** Alphabet to report quarterly results later on Wednesday
** As of last close GOOGL up over 2% YTD, lagging 8.3% gain in the Roundhill Magnificent Seven ETF MAGS.P

 (Reporting by Jayasree Prabhu)
 ((jayasree.prabhu@thomsonreuters.com))