Alphabet Class C ( (GOOG) ) has been popular among investors this week. Here is a recap of the key news on this stock.
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Alphabet Class C, the parent company of Google, has been making significant strides in the artificial intelligence (AI) sector. At the recent Cloud Next Tokyo event, Google introduced six new AI tools designed to streamline routine data work for companies. These tools are capable of handling tasks such as preparing data, building pipelines, and setting up machine learning tasks without the need for manual coding. This development is expected to significantly reduce labor costs and increase productivity for businesses, as Google’s AI tools can automate up to 80% of tasks for data teams.
Despite some challenges, such as decreased traffic to publishers’ sites and advertisers’ concerns about search ad placements, Google’s advertising business continues to grow. The company’s search ad revenue increased by 11.7% in the second quarter, showcasing its resilience in the face of competition from AI tools like ChatGPT. Analysts maintain a positive outlook on Alphabet Class C, with a Moderate Buy consensus and an average price target suggesting an 11% upside potential. This indicates strong confidence in the company’s ability to navigate the evolving digital landscape and maintain its leadership position.