Alphabet CEO Sundar Pichai delivers the keynote speech at the Google I/O developer conference at the Shoreline Amphitheater in Mountain View, California, May 10, 2023.
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shares letter Shares were at their highest level since August after Google announced artificial intelligence at its developer conference on Wednesday.
The stock was up about 5% as of Thursday morning, trading near $118 a share. It last traded above that price last August.
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At its I/O event, Alphabet’s Google announced that it will introduce artificial intelligence capabilities into its signature search product, turning complex queries into simple answers by combining results from multiple sources.
Google It also said its suite of workplace tools, such as Google Docs, will soon let users create new documents and fill out spreadsheets using AI. The company also said it will make its Bard AI chatbot more widely available and will soon be able to respond in different languages and images.
Analysts seem pleased that Google’s announcement will keep it at the forefront of the AI race and pay off for the company.
Morgan Stanley analyst Brian Novak wrote: “We remain bullish on I/O and view I/O as a reckoning event that will help eliminate the much-debated ‘AI glut’… And narrow GOOGL’s current valuation gap with its peers.”
Watch: AI takes center stage at Alphabet’s annual Google I/O conference
