A special investor event can be a great way to show off what’s coming up and fire up interest in a new product line. That’s what Alphabet (NASDAQ:GOOG) recently went for with Google Cloud Next, an event that showed off what Google Cloud would be bringing in the months ahead. Investors were over the moon, sending Alphabet stock up nearly 4% at the time of writing.
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What fired up investors’ imaginations in such a fashion? A range of new partnerships, for one. Google will be teaming up with a wide array of companies to advance Google tech, including AI, in several use cases. For instance, a new partnership with General Motors (NYSE:GM) will see Google Cloud AI technology as part of OnStar’s Interactive Virtual Assistant. That will give OnStar the ability to answer spoken user questions, particularly for navigation. Google expanded outward from there into financial services and even biotechnology.
Further, Alphabet released word on another prospective income stream focused on one of its AI developments: Duet AI. Google announced that businesses that want to get in on the action will be charged $30 per user per month. This will give it pricing parity with Microsoft (NASDAQ:MSFT) once Microsoft’s 365 Copilot versions actually hit markets. The fees for Duet AI access will be on top of the fees that Google already charges for access, so only time will tell how many customers will pony up.
Turning to Wall Street, Alphabet stock is considered a Strong Buy, supported by seven Buy ratings and two Holds. However, Alphabet stock only offers investors a modest 4.76% upside potential thanks to its average price target of $142.33 per share.
