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Alphabet (GOOGL) Enhances Assistant With Bard Before Launch
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Alphabet (GOOGL - Free Report) is leaving no stone unturned to bolster its generative AI capabilities, which have been a key catalyst for the company. Alphabet’s shares have gained 56.2% in the past year compared with the Zacks Computer & Technology sector’s growth of 53.1%.
The company’s growing efforts to integrate generative AI into its products and services remain a major positive.
In this regard, Alphabet’s recent initiatives to boost its virtual assistant, Google Assistant’s capabilities, on the back of generative AI-powered Bard, remains noteworthy.
Google Assistant with Bard will feature a popup window, tab switcher and updated stocks and finance widget.
This apart, Google plans to display the Assistant with Bard experience on the Discover page of the Google Search app, enabling users to switch between normal searches and AI assistance, resembling a physical slider switch.
Further, these upgrades of Assistant with Bard AI features on Google Search will also feature a popup highlighting AI's usefulness and a "Try now" button.
Nearing its launch, these Assistant with Bard feature upgrades will likely aid the company in further penetrating the booming virtual assistant market, which presents a significant growth opportunity for Alphabet.
A Next Move Strategy Consulting report estimates the global virtual assistant market share to increase to $33.4 billion by 2030, witnessing a CAGR of 21.1% between 2023 and 2030.
The latest move is likely to aid Google’s competitive position against peers like Apple (AAPL - Free Report) and Amazon (AMZN - Free Report) , which are also making continuous efforts to integrate generative AI capabilities into their virtual assistants.
Reportedly, Apple plans to integrate large language models (LLM) into Siri in iOS 18, allowing users to automate complex tasks, which is likely to launch in 2024.
Also, the company is working to add its AI-powered LLM Ajax GPT to its voice assistant, Siri.
Meanwhile, Amazon introduced generative AI capabilities for its virtual assistant Alexa, enhancing voice interactions, real-time information, smart home control and entertainment.
These capabilities will enable Alexa to enhance its conversational experiences, interact with APIs for smart home capabilities and have a more opinionated personality.
Growing Generative AI Efforts to Boost Prospects
Apart from powering Google Assistant with generative AI, Google is enhancing Bard's ability to understand YouTube videos, allowing for richer conversations. This update to the YouTube Extension, which previously functioned as a conversational video search, comes as YouTube tests the ability to ask questions about videos.
Recently, Alphabet introduced MedLM, a suite of generative AI models designed for the healthcare sector, offering medical documentation testing, drug development research and chatbot provider identification.
The company’s launch of Gemini 1.0, its next-generation foundation model, which can understand, code and combine various media, remains noteworthy.
The above-mentioned generative AI efforts present significant growth opportunities for Alphabet in the booming generative AI market. Per a Statista report, the global generative AI market size is expected to reach $207 billion by 2030, exhibiting a CAGR of 24.4% between 2023 and 2030.
Growing prospects in the promising generative AI market will likely aid Alphabet in solidifying its overall financial performance in the near term.
The Zacks Consensus Estimate for 2024 total revenues stands at $283.39 billion, indicating year-over-year growth of 11.26%.
The consensus mark for 2024 earnings is pegged at $6.74 per share, indicating a year over year growth of 15.6%. The estimate has been revised upward by 0.7% in the past 30 days.
Zacks Rank & Another Stock to Consider
Currently, Alphabet carries a Zacks Rank #2 (Buy).
Image: Bigstock
Alphabet (GOOGL) Enhances Assistant With Bard Before Launch
Alphabet (GOOGL - Free Report) is leaving no stone unturned to bolster its generative AI capabilities, which have been a key catalyst for the company. Alphabet’s shares have gained 56.2% in the past year compared with the Zacks Computer & Technology sector’s growth of 53.1%.
The company’s growing efforts to integrate generative AI into its products and services remain a major positive.
In this regard, Alphabet’s recent initiatives to boost its virtual assistant, Google Assistant’s capabilities, on the back of generative AI-powered Bard, remains noteworthy.
Google Assistant with Bard will feature a popup window, tab switcher and updated stocks and finance widget.
This apart, Google plans to display the Assistant with Bard experience on the Discover page of the Google Search app, enabling users to switch between normal searches and AI assistance, resembling a physical slider switch.
Further, these upgrades of Assistant with Bard AI features on Google Search will also feature a popup highlighting AI's usefulness and a "Try now" button.
Nearing its launch, these Assistant with Bard feature upgrades will likely aid the company in further penetrating the booming virtual assistant market, which presents a significant growth opportunity for Alphabet.
A Next Move Strategy Consulting report estimates the global virtual assistant market share to increase to $33.4 billion by 2030, witnessing a CAGR of 21.1% between 2023 and 2030.
Alphabet Inc. Price and Consensus
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
Stiff Competition
The latest move is likely to aid Google’s competitive position against peers like Apple (AAPL - Free Report) and Amazon (AMZN - Free Report) , which are also making continuous efforts to integrate generative AI capabilities into their virtual assistants.
Reportedly, Apple plans to integrate large language models (LLM) into Siri in iOS 18, allowing users to automate complex tasks, which is likely to launch in 2024.
Also, the company is working to add its AI-powered LLM Ajax GPT to its voice assistant, Siri.
Meanwhile, Amazon introduced generative AI capabilities for its virtual assistant Alexa, enhancing voice interactions, real-time information, smart home control and entertainment.
These capabilities will enable Alexa to enhance its conversational experiences, interact with APIs for smart home capabilities and have a more opinionated personality.
Growing Generative AI Efforts to Boost Prospects
Apart from powering Google Assistant with generative AI, Google is enhancing Bard's ability to understand YouTube videos, allowing for richer conversations. This update to the YouTube Extension, which previously functioned as a conversational video search, comes as YouTube tests the ability to ask questions about videos.
Recently, Alphabet introduced MedLM, a suite of generative AI models designed for the healthcare sector, offering medical documentation testing, drug development research and chatbot provider identification.
The company’s launch of Gemini 1.0, its next-generation foundation model, which can understand, code and combine various media, remains noteworthy.
The above-mentioned generative AI efforts present significant growth opportunities for Alphabet in the booming generative AI market. Per a Statista report, the global generative AI market size is expected to reach $207 billion by 2030, exhibiting a CAGR of 24.4% between 2023 and 2030.
Growing prospects in the promising generative AI market will likely aid Alphabet in solidifying its overall financial performance in the near term.
The Zacks Consensus Estimate for 2024 total revenues stands at $283.39 billion, indicating year-over-year growth of 11.26%.
The consensus mark for 2024 earnings is pegged at $6.74 per share, indicating a year over year growth of 15.6%. The estimate has been revised upward by 0.7% in the past 30 days.
Zacks Rank & Another Stock to Consider
Currently, Alphabet carries a Zacks Rank #2 (Buy).
Another top-ranked stock in the broader technology sector is Camtek (CAMT - Free Report) , sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Camtek shares have returned 195.3% over the past year. The long-term earnings growth rate for CAMT is pegged at 12.26%.