Google AI event sends Alphabet stock to its highest price since August

  • Alphabet shares are trading at their highest level since August in the wake of Google’s artificial intelligence announcements at its developer conference on Wednesday.
  • At an I/O event, Alphabet-owned Google announced that it will be bringing AI features to its Featured Search product to turn complex queries into simple answers by aggregating the results.
  • Analysts seemed pleased that Google’s ads would keep it ahead of the artificial intelligence race and generate revenue for the company.

Alphabet CEO Sundar Pichai delivers the keynote address at the Google I/O developer conference at Shoreline Amphitheater on May 10, 2023 in Mountain View, California.

Justin Sullivan | Getty Images News | Getty Images

Alphabet shares are trading at their highest level since August in the wake of Google’s artificial intelligence announcements at its developer conference on Wednesday.

The stock was up about 5% and trading near $118 a share as of Thursday morning. It last traded above this price in August last year.

At an I/O event, Alphabet-owned Google announced that it will be bringing AI features to its Featured Search product to turn complex queries into simple answers by combining results from multiple sources.

Google also said that suite of workplace tools like Google Docs will soon allow users to create new documents and populate spreadsheets using artificial intelligence. The company also said that it will make its Bard AI chatbot more widely available and that it will soon have the ability to respond in different languages ​​and images.

Analysts seemed pleased that Google’s ads would keep it ahead of the artificial intelligence race and generate revenue for the company.

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“We remain optimistic and view the I/O as a clearing-house event that will help erode the much-debated ‘AI burden’ … and narrow GOOGL’s current valuation gap versus its peers,” wrote Brian Novak, an analyst at Morgan Stanley.

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