Alphabet Inc. investors are anxiously awaiting a Google hardware event on Tuesday — banking on new AI features to help stop a selloff that’s wiped out more than US$360 billion in market value in just one month.
The Google logo on a smartphone. Photographer: Gabby Jones/Bloomberg --
“We’re hoping to get some solid information about the Google AI product to help turn around this period of profit taking,” said Tim Ghriskey, a senior portfolio strategist at Ingalls & Snyder LLC. “It’s very helpful for investors to hear news like this and generally most of the time it’s positive news and helps the stock.”
Over the past year, the perception of Google’s position in the race to deploy generative AI technologies has been critical to its stock performance. In February, Alphabet shares dropped more than four per cent in a single day when Google paused image generation for its Gemini AI model after producing inaccurate historical depictions. In April, the stock rallied after unveiling updates to AI offerings for cloud customers.
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