Citi believes the Google Cloud Next event highlights Alphabet’s transition from experimental generative artificial intelligence features to fully established Gemini-enabled cloud offerings. The firm was impressed to hear that 60% of funded generative AI startups and nearly 90% of generative AI unicorns are Google Cloud customers and to date, 1M developers have built with Google’s generative AI tools. Citi believes Google’s AI product cycle is accelerating across both its core search and cloud businesses. It keeps a Buy rating on the shares with a $168 price target.
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