Needham analyst Laura Martin raised the firm’s price target on Alphabet to $140 from $115 and keeps a Buy rating on the shares after its Q2 earnings beat. Since the launch of ChatGPT, Needham has been critical of the company’s “product problem” as OpenAI posed an existential threat to Alphabet’s Search business, the analyst tells investors in a research note. Needham adds however that ChatGPT has also awakened the “sleeping giant” as evidenced by the fact that co-founder Sergey Brin is back at the company working on generative AI and that 90% of the CEO’s earnings call comments related to generative AI.
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