During the fourth quarter, Boston-based Congress Asset Management reported holding 2.52% of its U.S. equity assets under management in Alphabet, representing a position valued at $357.15 million at quarter-end. While the firm trimmed exposures to other retail holdings, it left its Alphabet stake largely intact, signaling confidence in the company’s diversified revenue streams. Following the filing, Alphabet ranked third among the fund’s disclosed top five U.S. equity positions, behind NVIDIA at $473.16 million (3.34% of AUM) and Apple at $446.82 million (3.15% of AUM), but ahead of Microsoft and Broadcom.

Alphabet continues to leverage its decade-old custom tensor processing units (TPUs) to power both internal workloads and cloud services. Morgan Stanley analysts estimate that every 500,000 TPUs deployed generates approximately $13 billion in revenue, and they forecast deployments to reach 5 million units by 2027 and 7 million by 2028. Major clients like Anthropic have placed an order valued at $21 billion for TPU capacity on Google Cloud, underscoring enterprise demand. This specialized hardware advantage supports Alphabet’s Gemini large language model and enhances cost efficiency versus general-purpose GPUs, reinforcing its leadership in AI infrastructure.