Alphabet’s (GOOGL Quick QuoteGOOGL - Free Report) Google is leaving no stone unturned to bolster its presence in the global generative AI space. The latest roll out of the Bard upgrade in the United Kingdom testifies to the same.

Recently, Google launched Bard with its next-generation large language model (“LLM”), Gemini, in the country. The company unveiled Gemini earlier this month.

Gemini is available in three different sizes: Gemini Ultra, its largest and most capable one; Gemini Pro, designed to offer scalability across various applications; and Gemini Nano, designed for specific tasks and mobile devices.

GOOGL has powered its Bard chatbot with Gemini Pro, which is currently available in Britain. It will eventually be rolled out in other parts of the U.K.

With Bard backed by Gemini, Google is likely to expand its footprint in the U.K. chatbot market.

Growing Generative AI Efforts

Apart from the latest move, the company recently announced the general availability of its suite of AI-powered assistance tools for code completion and generation called Duet AI for Developers. It provides developers with real-time code suggestions, chat assistance and enterprise-focused customization.

Google also launched MedLM, a family of generative AI models intended for the healthcare industry. MedLM, currently available to Vertex AI customers, includes two models offering medical documentation testing, drug development research and chatbot provider identification.

In addition, the company launched an AI support assistant to integrate generative AI capabilities with its virtual assistant. The new assistant allows users to chat with it to find answers and solve account issues, delivering a chatbot-like experience.

We believe Alphabet remains well-poised to capitalize on growth opportunities present in the booming generative AI market on the back of the abovementioned endeavors. Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here

Per an Allied Market Research report, the global generative AI market’s value is likely to hit $191.8 billion by 2032, witnessing a CAGR of 34.1% between 2023 and 2032.

A Fortune Business Insights report shows that the global generative AI market size is expected to reach $667.96 billion by 2030, seeing a CAGR of 47.5% between 2023 and 2030.

Growing prospects in this booming market are likely to instill investor optimism in the stock.

GOOGL has returned 59.2% year to date.

Competitive Scenario

Given the upbeat scenario in the generative AI space, not only Google but also Microsoft (MSFT Quick QuoteMSFT - Free Report) , Amazon (AMZN Quick QuoteAMZN - Free Report) and Adobe (ADBE Quick QuoteADBE - Free Report) are making concerted efforts to bolster generative AI capabilities.

Microsoft continues to make strong efforts to boost its generative AI capabilities. Its integration of GPT-4 into its search engine Bing and browser Edge to deliver a ChatGPT-like experience to users remains noteworthy.

It recently announced OpenAI's DALL-E 3 AI image-synthesis model, fully integrated with ChatGPT, which challenges previous models by rendering images with complex descriptions and handling in-image text generation.

Amazon’s AWS recently announced the general availability of its fully managed service called Amazon Bedrock. It provides seamless access to high-performing foundation models from AI companies through an API. The company also made the Amazon Titan Embeddings model generally available. It added Meta’s Llama 2 to Amazon Bedrock as a new model, which will be available through API.

Meanwhile, Adobe recently announced the commercial release of its family of creative, generative AI models — Firefly.

Adobe Firefly supports text prompts in over 100 languages, helps creators make several changes to their content, creates endless variations seamlessly and bolsters image generation capabilities.