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Google (GOOG) stock climbs 2% ahead of new AI announcements

Google (GOOG) stock climbs 2% ahead of new AI announcements

Google owner Alphabet (NASDAQ: GOOG) is a well-known and highly respected tech behemoth that continues to push the boundaries of innovation in the industry. Its stock is highly sought after by investors who recognize the company’s potential for long-term growth and success.

Shares of Google ended Monday’s trading session up around 2% after reports revealed the technology giant is planning to unveil a number of generative artificial intelligence (AI) updates at its upcoming annual developer conference on May 10.

Google’s 1-day stock chart. Source: TradingView

One of the biggest updates that will be announced is PaLM 2, the company’s latest and most sophisticated large language model (LLM), according to internal documents obtained by CNBC. PaLM2 reportedly entails over 100 languages and has so far completed a large number of coding and math tests, writing trials, and analyses, among other things. 

The move comes amid intensifying competition in the AI race, with Google, Microsoft, and other tech companies scrambling to implement AI into their services after ChatGPT’s stunning success. Microsoft recently incorporated ChatGPT’s underlying technology into its Bing search engine, putting additional pressure on Google and its dominance in the search market. 

Wall Street 1-year forecast for GOOG

Google’s Class C stock has been rated by 51 analysts over the past three months, with as many as 40 viewing the stock as a strong buy, 7 advising a buy, and just 4 recommending a hold. No analysts rated the stock as sell or strong sell, as per TradingView

Based on estimates from Wall Street experts, the 12-month price target for GOOG currently stands at $129.20, implying a potential upside of more than 19%. The high and low estimates for the following year are $190.32 and $100, respectively. 

Google’s 1-year stock price forecast. Source: TradingView

GOOG 2023 Performance

It’s been a solid year for Google’s shares so far. On a year-to-date basis, the stock’s gains are twice those in the broader market. Since January 1, GOOG rose more than 20%, compared to an 8% surge in the S&P 500 market index. 

GOOG recently received an additional boost after the company reported Q1 2023 financial results that beat Wall Street estimates for earnings per share (EPS) and revenue. The company generated $69.8 billion in first-quarter revenue, up 3% from the year-ago period and above the consensus estimates of $68.8 billion. 

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