Mike Lee explains how 'token flow' from building AI infrastructure is driving big gains in semiconductor stocks. He highlights that despite some disbelief in the market, the demand for chips will continue to grow significantly.
Google reportedly expanded its office presence in Miami this year after two of its founders bought homes in South Florida.
Alphabet, the parent company of Google, has signed a lease to expand its 10,000-square-foot satellite office in Miami's financial district by 45,000 square feet, two people familiar with the matter told Bloomberg News.
The outlet reported that the expansion is driven in part by recent real estate purchases in the area by Google founders Larry Page and Sergey Brin — two billionaires who bought homes outside of California and moved businesses out of the Golden State as voters weighed a multibillion-dollar tax on this fall's ballot.
Google first opened an office in Miami in 2016 and the expansion will increase its presence in Florida – although the South Florida office remains much smaller than the corporate headquarters in its Mountain View center in California, which has an area of more than 10 million square meters, and its 1.7 million Hudson Square campus in New York.
GOOGLE CO-FOUNDER RIPS CALIFORNIA BILLIONAIRE TAX: 'I HATE BANKRUPTCY'
Google founder Sergey Brin bought land in South Florida. (Gilbert Flores/Variety via Getty Images)
Page and Brin left their roles as executives in 2019 but remain on Google's board. Brin is reported to have played a major role in shaping the company's plans for Artificial Intelligence (AI).
A report earlier this year by the Wall Street Journal noted that Page bought a waterfront property for $101.5 million in December and a nearby home for $71.9 million, which he bought in early January, while Brin reportedly closed on the purchase at the time.
A Bloomberg report said Brin bought a $51 million waterfront home in Miami Beach shortly after buying Page.
LARRY PAGE DOWN $173M ON MIAMI HOMES AMONG CALIFORNIA BILLIONAIRE EXODUS TREND AS WEALTH CONSUMES
Google's office is located in the financial district of Miami. (Jeffrey Greenberg/UCG/Universal Images Group via Getty Images)
Brin was also linked to the purchase of a $42 million mansion on the Nevada side of Lake Tahoe in December.
The moves come as California voters will vote on a proposed one-time wealth tax on billionaires this November.
The proposed constitutional amendment would impose a one-time, 5% wealth tax on taxpayers and trusts with covered assets of more than $1 billion for the purpose of financing government programs for health care, nutrition, and public education.
GOOGLE BACKER SERGEY BRIN JOINS CALIFORNIA EXODUS: REPORT
| A ticker | Security | Finally | Change | Change % |
|---|---|---|---|---|
| GOOGL | Company ALPHABET INC. | 348.39 | +1.24 |
+0.36% |
Assets covered by the tax will include businesses, securities, art, collectibles, and intellectual property – although real property, pensions and certain retirement accounts will be exempt.
If passed, the tax would apply continuously to taxpayers living in California as of Jan. 1, 2026, with tax due for the 2027 tax filing.
Taxpayers can pay the tax in five equal installments, and subsequent payments are subject to an annual deferral charge of 7.5% of the outstanding balance.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
