Alphabet (NASDAQ:GOOGL | GOOGL Price Prediction) announced $175 to $185 billion in capital expenditures for 2026, nearly doubling previous spending. This is a full-scale commitment to building AI infrastructure. When Google spends that kind of money on data centers, servers, and networking equipment, companies making the components inside those systems become very interesting.
TTM Technologies (NASDAQ:TTMI) is one of those companies. The stock has ripped 279% over the past year, trading at $93.82 as of February 5th. TTM manufactures the advanced printed circuit boards (PCBs) that go into AI servers, networking gear, and data center infrastructure. When Alphabet builds out hundreds of billions in AI capacity, someone has to make the boards that connect those chips. TTM is that someone.
The AI Infrastructure Play Nobody’s Talking About
TTM’s Q4 2025 results tell the story. Revenue hit $774.3 million, up 19% year-over-year, with Data Center Computing & Networking now representing 36% of total revenues. That segment is driven entirely by generative AI demand. CEO Edwin Roks said the company “delivered another strong quarter with both revenues and non-GAAP EPS at or above the high end of the guided range.” Demand is exceeding expectations.
Google’s capex announcement came alongside Q4 2025 revenue of $113.8 billion and Google Cloud revenue surging 48% to $17.7 billion. CEO Sundar Pichai called it a “tremendous quarter” and noted that annual revenues exceeded $400 billion for the first time. The company is responding to actual demand for AI infrastructure that’s already generating massive revenue growth.
Wall Street had expected Alphabet to announce capital expenditure plans of around $116 billion, meaning their guidance was about 55% above expectations.
TTM sits in the middle of that buildout. When Google builds a data center filled with AI accelerators, those chips need to communicate. That requires high-speed, high-density PCBs that can handle the thermal and electrical demands of modern AI workloads. TTM has the manufacturing capabilities and scale to serve hyperscalers like Google, and its Q1 2026 guidance of $770 to $810 million in revenue suggests momentum is continuing.
What This Means for TTM’s Valuation
The company trades at an analyst target price of $103.25, implying roughly 10% upside. But those estimates were set before Alphabet announced it would spend up to $185 billion on AI infrastructure in 2026. If Google spends more than expected and other hyperscalers follow, TTM’s revenue projections could rise significantly. The company’s PEG ratio of 0.52 suggests the market hasn’t fully priced in growth potential.
The risk is that TTM’s stock has already run hard. A beta of 1.75 means this is a volatile stock that moves with the broader AI infrastructure narrative. But if Google’s $185 billion capex blitz is just the beginning of a multi-year AI buildout cycle, TTM is positioned to capture a meaningful slice of that spending. The company makes the unglamorous but essential components that turn silicon into functioning AI systems.
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