Google's AI Chip Business Is Booming. Why Gemini 4 Matters More For Google Stock.

Alphabet's (GOOGL) business of selling artificial intelligence accelerator chips is booming, says a Morgan Stanley report. But that's not enough to "re-rate" Google stock, the brokerage maintains. That will have to wait until Google rolls out a new AI model, Gemini 4.

On Wall Street, re-rating usually refers to the valuation multiple investors are willing to pay for a company's…