Three members of the FAANG group – Apple (AAPL), Amazon (AMZN) and Google have announced major investments for new infrastructure. Let’s take a look at each of their plans:
The Alphabet (GOOGL) subsidiary announced plans to invest over $1 billion in a new campus named Google Hudson Square in New York City. In a blog post, the company said it entered into lease agreements for two buildings at 315 and 345 Hudson Street and signed a letter of intent for an office space at 550 Washington Street.
Google plans to move into the Hudson Street buildings by 2020 and the 550 Washington Street building in 2022. Google Hudson Square will be the primary location for the company’s New York-based global business organization.
Google currently has 7,000 employees in New York City including teams for Search, YouTube, Ads and Maps. Earlier in 2018, the company purchased the Manhattan Chelsea Market for $2.4 billion and it intends to lease additional space at Pier 57. Google expects these investments to give it the capacity to double its workforce in New York over the next 10 years.
Last week Apple announced expansion and job creation plans for its facilities across the US. This includes an investment of $1 billion for a new campus in Austin, Texas. The 133-acre campus will accommodate 5,000 employees with the capacity to add another 10,000.
Apple will also open new sites in Seattle, San Diego and Culver City and expand operations in cities including Pittsburgh and New York. The iPhone-maker plans to invest $30 billion in capital spending and create 20,000 jobs in the US over the next five years. Apple also plans to invest $10 billion in US data centers in the next five years.
Last month, Amazon said it would split its new headquarters, also known as HQ2, between New York City and Northern Virginia. The company is also planning a third investment in Nashville for its new Center of Excellence for its Operations business.
The company will invest $5 billion in both its HQ2 locations, which will help create 50,000 jobs. The Nashville facility will create 5,000 jobs. Hiring at these locations will start next year.
As of 1:00 pm ET on Monday, Alphabet’s stock was down 0.53% while Apple’s stock was up 0.38%. Amazon’s stock was down 3.1%.
Thermo Fisher Scientific Inc. (NYSE: TMO) announced fourth-quarter 2022 financial results, reporting a double-digit fall in adjusted earnings and an increase in revenues. Fourth-quarter revenues increased 7% annually to $11.5
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Semiconductor company Advanced Micro Devices, Inc. (NASDAQ: AMD) reported a decline in fourth-quarter earnings, despite an increase in revenues. Earnings, excluding special items, dropped to $0.69 per share in the