Alphabet trading at highest since August as Wall Street cheers Google’s A.I. plans


In this article

Alphabet CEO Sundar Pichai delivers the keynote address at the Google I/O developers conference at Shoreline Amphitheatre on May 10, 2023 in Mountain View, California. 
Justin Sullivan | Getty Images News | Getty Images

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

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

At its I/O event, Alphabet-owned Google announced it would bring AI features to its signature search product to turn complex queries into simple answers by combining results from multiple sources.

Google also said its suite of workplace tools like Google Docs would soon let users create new documents and fill out spreadsheets with AI. The company also said it would make its Bard AI chatbot more widely available and that it would soon have the ability to respond in different languages and images.

Analysts seemed pleased that Google’s announcements will keep it at the forefront of the AI race and generate returns for the company.

“We remain bullish and view I/O as a clearing event that will help erode the heavily debated ‘AI overhang’…and narrow GOOGL’s current valuation gap vs. peers,” Morgan Stanley analyst Brian Nowak wrote.

Subscribe to CNBC on YouTube.

WATCH: A.I. takes center stage at Alphabet’s annual Google I/O conference

Articles You May Like

How Ford, GM auto dealers are thinking about Detroit’s EV transition and their future
Elon Musk and Twitter face growing brand-safety concerns after execs depart
The rise of Albemarle, the world’s largest lithium producer
Bear trapped inside car freed by police in Nevada
Judge thrills with HR, highlight-reel catch at wall