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

Published 16/05/2024, 01:32 am
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(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."

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