From Nasdaq: 2024-06-04 12:16:00

Alphabet’s GOOGL shares have surged 23.5% YTD, outperforming the Internet-Services industry. The momentum is driven by Google Cloud’s generative AI strength, highlighted by an extended partnership with Workday to integrate AI technology for faster processes and enhanced customer experiences.

Alphabet is well-positioned in the generative AI market, set to reach $667.96 billion by 2030. Google’s Gemini model and Vertex AI tools support AI code generation and application development. Recent open-source tools like MaxDiffusion and JetStream further strengthen Google’s generative AI offerings.

Google’s expanding customer base in cloud computing, highlighted by partnerships with Cintas and Victoria’s Secret, demonstrates the company’s commitment to leveraging generative AI for digital transformation and enhanced customer experiences globally. In Q1 2024, Google Cloud reported a revenue growth of 28.4% year over year.

With a Zacks Rank #1, Alphabet presents a strong investment opportunity due to its leadership in generative AI, cloud computing, and search engine technologies. The company’s expanding customer base and ongoing focus on generative AI capabilities position it for sustained growth and market dominance in the cloud computing industry.



Read more at Nasdaq: Alphabet (GOOGL) Rides on Cloud Momentum Led by Gen AI Strength