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Alphabet (GOOGL) Boosts Workspace With Duet AI Availability
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Alphabet’s (GOOGL - Free Report) division Google announced the general availability of its generative-AI-backed helper, Duet AI, for Gmail, Drive, Docs and more.
Any organization using Google Workspace will be able to benefit from this AI helper, which boasts several new capabilities. Moreover, it acts as a meeting assistant for Google Chat, a document summarizer, and also allows personalization for Gmail's smart replies.
Further, Duet AI utilizes Google Drive and Gmail content to create visual aids, assist in meetings, and even attend for you, at a no-cost trial for interested customers.
The rolling out of Duet AI can be seen as a strategic move to compete against its peer Microsoft (MSFT - Free Report) . Notably, Microsoft also offers a similar software called Copilot, which is its in-house AI system that operates across most Office apps.
We note that the latest move has added strength to Alphabet’s Google Workspace offerings.
The company has made numerous efforts to enhance its Google Workspace services by integrating generative AI into the Workspace environment.
Apart from the latest move, the addition of a range of AI-powered writing features to Google Docs and Gmail for trusted testers remains noteworthy. These features enable users to draft, rewrite, summarize and proofread in Docs and Gmail.
We believe that strengthening Workspace will likely benefit the performance of Google Cloud in the days ahead.
Notably, Google Cloud, which has become an integral part of Alphabet, reported revenues of $8.03 billion in the second quarter of 2023. The figure accounted for 10.8% of the quarter’s total revenues and exhibited year-over-year growth of 28%.
Our model projects Google Cloud’s 2023 revenues to be $31.44 billion, indicating year-over-year growth of 19.6%.
The company’s AI-optimized infrastructure, large language models, AI platform services, and strengthening generative AI offerings are expected to continue contributing well to the growth in Google Cloud revenues.
We believe that strength in the underlined segment will likely aid its overall financial performance. This, in turn, is expected to instill investor optimism in the stock.
Alphabet has gained 52.5% on a year-to-date basis, outperforming the industry’s growth of 50.9%.
Zacks Rank & Stocks to Consider
Currently, Alphabet carries a Zacks Rank #3 (Hold).
Image: Bigstock
Alphabet (GOOGL) Boosts Workspace With Duet AI Availability
Alphabet’s (GOOGL - Free Report) division Google announced the general availability of its generative-AI-backed helper, Duet AI, for Gmail, Drive, Docs and more.
Any organization using Google Workspace will be able to benefit from this AI helper, which boasts several new capabilities. Moreover, it acts as a meeting assistant for Google Chat, a document summarizer, and also allows personalization for Gmail's smart replies.
Further, Duet AI utilizes Google Drive and Gmail content to create visual aids, assist in meetings, and even attend for you, at a no-cost trial for interested customers.
The rolling out of Duet AI can be seen as a strategic move to compete against its peer Microsoft (MSFT - Free Report) . Notably, Microsoft also offers a similar software called Copilot, which is its in-house AI system that operates across most Office apps.
We note that the latest move has added strength to Alphabet’s Google Workspace offerings.
Alphabet Inc. Price and Consensus
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
Strength in Google Workspace
The company has made numerous efforts to enhance its Google Workspace services by integrating generative AI into the Workspace environment.
Apart from the latest move, the addition of a range of AI-powered writing features to Google Docs and Gmail for trusted testers remains noteworthy. These features enable users to draft, rewrite, summarize and proofread in Docs and Gmail.
We believe that strengthening Workspace will likely benefit the performance of Google Cloud in the days ahead.
Notably, Google Cloud, which has become an integral part of Alphabet, reported revenues of $8.03 billion in the second quarter of 2023. The figure accounted for 10.8% of the quarter’s total revenues and exhibited year-over-year growth of 28%.
Our model projects Google Cloud’s 2023 revenues to be $31.44 billion, indicating year-over-year growth of 19.6%.
The company’s AI-optimized infrastructure, large language models, AI platform services, and strengthening generative AI offerings are expected to continue contributing well to the growth in Google Cloud revenues.
We believe that strength in the underlined segment will likely aid its overall financial performance. This, in turn, is expected to instill investor optimism in the stock.
Alphabet has gained 52.5% on a year-to-date basis, outperforming the industry’s growth of 50.9%.
Zacks Rank & Stocks to Consider
Currently, Alphabet carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are Arista Networks (ANET - Free Report) and Salesforce (CRM - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Arista Networks shares have gained 52.8% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 18.75%
Salesforce shares have gained 59.9% in the year-to-date period. CRM’s long-term earnings growth rate is currently projected at 19.25%.