Gen AI hype cycle creating opportunity in Alphabet, says Wells Fargo

Wells Fargo analyst Brian Fitzgerald says that while Bard rollout/flub is underwhelming, Gen AI hype cycle is creating opportunity in Alphabet given runway for Gen AI deployment w/o search monetization disruption, Alphabet tech lead on conversational AI, and misapprehension of search share drivers. The firm has an Overweight rating on the shares with a price target of $150.