Wedbush encouraged by Google’s progress following Cloud Next event

Commenting on Google’s annual Cloud Next event, Wedbush analyst Scott Devitt says it comes away encouraged by the company’s progress, both in developing its AI capabilities and commercializing early enterprise solutions with new custom chips announced — Axion — and a long list of generative AI services and features within Google Cloud that should support growth over a multiyear period. Google’s most advanced model, Gemini 1.5 Pro offers significantly larger context windows versus leading competitors, and the firm is encouraged to see Gemini 1.5 Pro powering enterprise tools like Gemini Code Assist, as well as broader use cases across the Gemini family of models that should drive direct monetization. Wedbush has an Outperform rating on the shares with a price target of $175.