Alphabet gains $56 billion in market value after it unveils AI 'snapshots' for Google Search
stock surged as much as 5% on Wednesday after the company made several artificial intelligence announcements at its I/O developer conference.
The rally, which pared gains to 4% at the market close, added $56 billion to Alphabet's market value and helped reignite excitement for the company's foray into AI.initial AI announcement a few months ago when it unveiled"Bard,""With generative AI we are taking the next step. With a bold and responsible approach, we are reimagining all our core products, including search," Alphabet CEO Sundar Pichai said at Wednesday's conference.
The company announced"AI Snapshot," which integrates generative AI results directly on top of Google's search results.Bing Search has taken a similar approach, in which search query results show both an AI section as well as traditional search results on the same page. Alphabet also announced a new large language model, called PaLM 2, which is powering 25 new products and features that the company is rolling out. The new model can write code, similar to ChatGPT, and currently supports more than 100 languages.
Other product announcements from Alphabet included an image search feature to identify AI-generated images, AI-related updates to Google Maps, a foldable Pixel phone, and a new smart watch operating system, among other products.
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