Google parent company Alphabet (GOOGL) has appointed a new “Chief AI Architect” to its senior leadership team as it tries to pull ahead in the global artificial intelligence race.
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Alphabet named Koray Kavukcuoglu, Google DeepMind’s chief technology officer (CTO), for the new senior vice-president role. As the Chief AI Architect, Kavukcuoglu will be responsible for ensuring that the company’s artificial intelligence technology is added to more consumer and business products. He will report directly to Alphabet CEO Sundar Pichai.
In a note to staff, Pichai wrote that Kavukcuoglu will help to “accelerate how we bring our world-leading models into our products, with the goal of more seamless integration, faster iteration, and greater efficiency.” Kavukcuoglu is currently based in London, England but will now move to Mountain View, California, Alphabet’s global headquarters.
Rising Competition
The naming of a Chief AI Architect comes as Alphabet faces growing competition from other technology giants such as Microsoft (MSFT) and Meta Platforms (META), and as pressure mounts from shareholders for the company to create AI products that can be monetized.
Alphabet is viewed as a leading developer of AI technologies through its Google DeepMind laboratory. However, Alphabet has had mixed results when it comes to transferring that technology into products for commercial use and sales. To date, most big tech companies haven’t been able to show significant returns for their AI investments.
Still, Alphabet has committed to invest $75 billion into its AI infrastructure this year. The company announced a number of AI products at its annual I/O conference in May of this year, including a new $249.99 per month subscription plan that includes early access to AI tools and products. GOOGL stock has declined 6% this year.
Is GOOGL Stock a Buy?
The stock of Alphabet has a consensus Strong Buy rating among 38 Wall Street analysts. That rating is based on 29 Buy and nine Hold recommendations issued in the last three months. The average GOOGL price target of $199.11 implies 12.27% upside from current levels.
Read more analyst ratings on GOOGL stock
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