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Alphabet (GOOGL) Ups Generative AI Game With Bard Expansion
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Alphabet’s (GOOGL - Free Report) is flexing its muscles against Microsoft (MSFT - Free Report) to gain a strong footprint in the booming chatbot space.
Microsoft has taken the world by storm, courtesy of the huge acceptance of ChatGPT from Open AI across the globe. The quest for generative AI and chatbots has now reached a fever pitch.
Google, in order to give a tough fight to Microsoft in this game, is expanding the availability of its generative AI-powered chatbot called Bard to Europe and Brazil.
Google Bard, which was launched in February, initially faced compliance issues with EU privacy regulations that delayed its European rollout.
The company made necessary changes in response to inquiries from regulators in a bid to boost transparency and user controls. Bard now supports over 40 languages, allows users to customize its tone and style, and enables the uploading of images for analysis.
We note that Alphabet, with the strengthening global footprint of Bard, remains well-poised to capitalize on the growth prospects present in the chatbot as well as generative AI markets.
A Precedence Research report indicates that the global chatbot market is expected to reach $4.9 billion at a CAGR of 19.3% in the period from 2023 to 2032.
Per a Grand View Research report, the market is likely to hit $109.4 billion by 2030 at a CAGR of 34.6% between 2022 and 2030.
With the latest move, Google has not only upped its game against Microsoft but also for players like Amazon (AMZN - Free Report) and NVIDIA (NVDA - Free Report) , which are also making strong efforts to bolster their generative AI capabilities.
Amazon introduced Amazon Bedrock and Amazon Titan models, providing an accessible and scalable solution for building generative AI applications with customizable foundation models.
Amazon Bedrock and Amazon Titan models offer accessible and scalable solutions for building generative AI applications, enabling developers to leverage customizable foundation models and accelerate the adoption of generative AI across various industries.
NVIDIA, on the other hand, supports generative AI innovation across various sectors through its comprehensive NVIDIA AI Foundations platform. Powered by NVIDIA DGX Cloud supercomputer, it offers cloud services such as NeMo, Picasso and BioNeMo, empowering advanced customization and utilization of generative AI in areas such as text, visual content and biology.
Nevertheless, Google’s growing efforts toward enhancement of Bard and strengthening generative AI techniques on the back of Google Cloud are expected to bolster its competitive position in the near term.
Other AI Initiatives to Consider
Alphabet’s solid execution, adaptability to changing market trends, and most importantly, growing investments in AI have been aiding it to win investors’ confidence.
Alphabet shares have gained 41.2% in the year-to-date period, outperforming the Zacks Internet - Services industry’s rally of 35.8% and the Zacks Computer & Technology sector’s return of 38%.
The latest move is in sync with this Zacks Rank #2 (Buy) company’s concerted efforts toward strengthening its AI-backed offerings.
Recently, Google Cloud introduced an Anti Money Laundering (AML) artificial intelligence (AI) solution to combat money laundering. AML AI uses Machine Learning algorithms to improve risk detection, reduce operational costs, enhance governance and enhance customer experience.
Further, Google also unveiled PaLM 2, a next-generation language model with enhanced multilingual understanding, reasoning, and coding capabilities, providing users with accurate translations, logical reasoning and efficient coding assistance across various applications.
Additionally, the company launched NotebookLM, an experimental offering from Google Labs. It is an AI-powered notebook designed to help users synthesize information, generate insights, and make connections faster by leveraging language models and personalized content.
All the abovementioned endeavors are expected to continue benefiting Alphabet’s overall performance in the days ahead.
The Zacks Consensus Estimate for 2023 revenues is pegged at $247.9 billion, implying a 5.9% increase from 2022. The consensus mark for 2023 earnings stands at $5.39 per share, indicating year-over-year growth of 18.2%.
Image: Bigstock
Alphabet (GOOGL) Ups Generative AI Game With Bard Expansion
Alphabet’s (GOOGL - Free Report) is flexing its muscles against Microsoft (MSFT - Free Report) to gain a strong footprint in the booming chatbot space.
Microsoft has taken the world by storm, courtesy of the huge acceptance of ChatGPT from Open AI across the globe. The quest for generative AI and chatbots has now reached a fever pitch.
Google, in order to give a tough fight to Microsoft in this game, is expanding the availability of its generative AI-powered chatbot called Bard to Europe and Brazil.
Google Bard, which was launched in February, initially faced compliance issues with EU privacy regulations that delayed its European rollout.
The company made necessary changes in response to inquiries from regulators in a bid to boost transparency and user controls. Bard now supports over 40 languages, allows users to customize its tone and style, and enables the uploading of images for analysis.
We note that Alphabet, with the strengthening global footprint of Bard, remains well-poised to capitalize on the growth prospects present in the chatbot as well as generative AI markets.
A Precedence Research report indicates that the global chatbot market is expected to reach $4.9 billion at a CAGR of 19.3% in the period from 2023 to 2032.
Per a Grand View Research report, the market is likely to hit $109.4 billion by 2030 at a CAGR of 34.6% between 2022 and 2030.
Alphabet Inc. Price and Consensus
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
Competitive Scenario
With the latest move, Google has not only upped its game against Microsoft but also for players like Amazon (AMZN - Free Report) and NVIDIA (NVDA - Free Report) , which are also making strong efforts to bolster their generative AI capabilities.
Amazon introduced Amazon Bedrock and Amazon Titan models, providing an accessible and scalable solution for building generative AI applications with customizable foundation models.
Amazon Bedrock and Amazon Titan models offer accessible and scalable solutions for building generative AI applications, enabling developers to leverage customizable foundation models and accelerate the adoption of generative AI across various industries.
NVIDIA, on the other hand, supports generative AI innovation across various sectors through its comprehensive NVIDIA AI Foundations platform. Powered by NVIDIA DGX Cloud supercomputer, it offers cloud services such as NeMo, Picasso and BioNeMo, empowering advanced customization and utilization of generative AI in areas such as text, visual content and biology.
Nevertheless, Google’s growing efforts toward enhancement of Bard and strengthening generative AI techniques on the back of Google Cloud are expected to bolster its competitive position in the near term.
Other AI Initiatives to Consider
Alphabet’s solid execution, adaptability to changing market trends, and most importantly, growing investments in AI have been aiding it to win investors’ confidence.
Alphabet shares have gained 41.2% in the year-to-date period, outperforming the Zacks Internet - Services industry’s rally of 35.8% and the Zacks Computer & Technology sector’s return of 38%.
The latest move is in sync with this Zacks Rank #2 (Buy) company’s concerted efforts toward strengthening its AI-backed offerings.
Recently, Google Cloud introduced an Anti Money Laundering (AML) artificial intelligence (AI) solution to combat money laundering. AML AI uses Machine Learning algorithms to improve risk detection, reduce operational costs, enhance governance and enhance customer experience.
Further, Google also unveiled PaLM 2, a next-generation language model with enhanced multilingual understanding, reasoning, and coding capabilities, providing users with accurate translations, logical reasoning and efficient coding assistance across various applications.
Additionally, the company launched NotebookLM, an experimental offering from Google Labs. It is an AI-powered notebook designed to help users synthesize information, generate insights, and make connections faster by leveraging language models and personalized content.
All the abovementioned endeavors are expected to continue benefiting Alphabet’s overall performance in the days ahead.
The Zacks Consensus Estimate for 2023 revenues is pegged at $247.9 billion, implying a 5.9% increase from 2022. The consensus mark for 2023 earnings stands at $5.39 per share, indicating year-over-year growth of 18.2%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.