Google AI innovations likely to 'fuel the next leg' of its journey: analyst
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Google (NASDAQ:GOOG) (NASDAQ:GOOGL) released its AI chatbot, Bard, for public use last week, and with the hype surrounding chatbots and artificial intelligence in general, the next phase of the company's life is likely to be led by its innovations in the space, investment firm Monness, Crespi, Hardt said.
Analyst Brian White, who has a buy rating on Google (GOOG) (GOOGL), noted that not only is Bard now available for public use, but the company is making use of AI in other areas of its business, White noted.
Specifically, White pointed to generative AI for its cloud business, generative AI support in Vertex AI and generative AI app builders, along with new partnerships and programs in the space. Additionally, Google (GOOG) (GOOGL) also unveiled the PaLM API for developers, which lets them build on top of the company's language models.
Google (GOOG) (GOOGL) has also brought generative AI to Workspace, allowing users to type a topic and a draft is created instantly.
"In the end, we believe Alphabet is well positioned to capitalize on the long-term digital ad trend, participate in the growth of the cloud, innovate with AI, benefit from digital transformation, and leverage a leaner cost structure, White wrote in an investor note.
Last week, it was reported that Google's (GOOG) (GOOGL) ad-tech antitrust lawsuit is likely headed for federal courtroom next March.