The artificial intelligence (AI) boom that emerged at the start of the year is showing no signs of slowing down as numerous tech companies race to roll out the most impressive generative AI product to compete with OpenAI’s ChatGPT. One of the technology behemoths that joined this race is Alphabet (NASDAQ: GOOGL), the parent company of Google, which launched a chatbot called Google Bard earlier this year.
This impressive AI bot has demonstrated a broad range of abilities, including offering analysis and forecasts of possible stock market trends.
Having said that, on Wednesday, May 31, Finbold asked Google Bard to provide his predictions about where it believes Google’s stock price could stand at the end of 2023, and what factors its forecast is based on.
Here’s what the chatbot responded:
“My rough prediction is that Google’s stock price could stand at around $150 by the end of 2023. This is based on a number of factors, including the company’s strong financial performance, the continued growth of the digital advertising market, and the success of Google’s cloud computing business.”– Google Bard wrote.
Based on this information, as well as Google’s heavy investments in “new growth areas” such as AI, Bard said it believes GOOGL is a solid long-term investment.
Factors that could influence Google’s stock price
To back his predictions, Bard also offered a comprehensive analysis of factors that could impact Google’s share price in the coming months, both positively and negatively.
Notably, the first potential driver of the tech giant’s stock price is the ever-growing digital advertising market – in which Google is a leader. According to Bard, its growth is expected to be one of Google’s main revenue sources going forward.
In addition, Bard mentioned the company’s success in cloud computing as another factor that is expected to drive its revenue growth and share price, as well as Google’s constant efforts to launch new products and services.
Meanwhile, the chatbot touched upon factors that could negatively impact Google’s stock price in the near future, highlighting the company’s regulatory challenges in several countries and global economic headwinds.
Google stock price analysis
At the time of publication, shares of Google were standing at $123.67, down 0.75% in the past 24 hours. Based on Google’s Bard prediction that the stock could end the year at $150 per share, there is a potential upside of more than 21%, according to the AI tool.
Over the past month, GOOGL rose more than 15.5%, and over 38% since the start of the year.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.