🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Google I/O: 6 analyst takeaways from annual developer conference

Published 16/05/2024, 01:32 am
© Reuters.
(Updated - May 15, 2024 11:29 AM EDT)

On Tuesday, Alphabet (NASDAQ:GOOGL) hosted its annual I/O developer conference, presenting the next step forward in the race for consumer and enterprise AI. Here's how analysts reacted:

Oppenheimer stated: "Relative to OpenAI's limited product demo the day before, we believe GOOG demonstrated its strong competitive position, driven by an essentially unlimited R&D budget, access to the largest user and data library, and 10 years of machine learning focus."

Morgan Stanley said: "Google I/O showcased its growing GenAI offerings, including new search functionality (overviews, planning tools, multi-step reasoning, visual search), improving models/larger context windows, new diffusion offerings, workspace tools and potential sources of differentiation for Android."

BofA wrote: "We think I/O supported our thesis that Google has industry leading AI/ML capabilities and pace of AI innovation has accelerated. We continue to see Google as a net AI beneficiary and believe growing Gen-AI integrations should likely help drive higher usage and incremental spend across Search, Cloud and Workspace."

Evercore ISI analysts commented: "We don't believe there will be only one AI winner, but we think Google has successfully proven that it will remain a leading player in this AI race. And we strongly believe that Gen AI will be able to unlock more queries from consumers across more surfaces and scenarios, which should more than offset any potential market-share and dilution risk at the margin."

BMO Capital remarked: "Google I/O contextualized how Alphabet will integrate and monetize 20+ years of AI initiatives and pursue the first big search transformation in as many years with Project Astra."

Finally, analysts at Goldman Sachs declared: "We came away increasingly constructive on Alphabet's long-term strategic positioning in a number of key end markets and continue to see the company as the leading collection of AI/machine learning-driven businesses in our coverage universe."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.