Wall Street Applauds Google's AI Plans As Alphabet Trades At Its Highest Level Since August.

Jun, 2023 - by CMI

Google, which is controlled by Alphabet, announced at its I/O event that it would integrate AI components into its main search product. The goal of this move is to simplify complex questions by synthesizing the answers to those questions.

Alphabet stock is trading at its highest level since August following Google's comments on artificial intelligence during its developer conference on Wednesday. After Google's announcements, this occurs. At the close of Thursday's trade, the share price had risen by 4.3% to $116.57. At its I/O event, Alphabet-owned Google said that it would be incorporating AI features into its leading search engine. These functions would aggregate information from several sources to streamline solutions to complicated questions.

Google also said that users would soon be able to create new documents and fill out spreadsheets using artificial intelligence in its suite of office tools, which includes Google Docs. The company also disclosed that it would open up access to its Bard AI chatbot and that it would soon be able to respond to images and a range of languages. Analysts seemed impressed by Google's announcements since they will keep the company profitable while keeping it in the lead in the field of artificial intelligence.

According to a report written by an analyst at Morgan Stanley named Brian Nowak, "We remain bullish and view I/O as a clearing event that will help erode the heavily debated 'AI overhang,'" as well as lower GOOGL's current valuation gap compared to its competitors.