Google-parent Alphabet on Tuesday introduced a new artificial intelligence-based personal assistant for smartphones using its Android operating system. Google stock traded sideways during the Pixel 9 event, aimed at stealing some thunder from Apple's roll out of new iPhone 16 models.
Also, Google as expected introduced a bendable Pixel 9 Pro Fold. Apple has yet to roll out any foldable iPhones or iPads.
On the stock market today, Google stock gained 1.1% to close at 164.16.
Google Stock: 'Gemini Key To It All'
At the event, Google executives touted a new Gemini-powered AI personal assistant that handles every day tasks. Google's AI chatbot uses Gemini Nano, a multimodal version of the large language model specialized for on-device processing.
"Gemini is the key to it all," said Rick Osterloh, senior vice president, platforms & devices. Google showcased new camera capabilities using the Gemini Ai assistant.
"Google's annual Made by Google event was largely as expected," said KeyBanc Capital analyst Justin Patterson in a report.
"While Google is still in the first year of having both the Android and hardware teams overseen by Osterloh and AI features are still early, we are cautiously optimistic that a more focused approach can help Pixel and smart home products gain traction in markets previously dominated by competing device makers."
Meanwhile, Google said that the new Gemini assistant will be available on Samsung and other Android smart phones as well as Google's own Pixel models.
Artificial Intelligence Privacy Issues
Google emphasized that the Gemini AI assistant will require users to opt-in, addressing privacy issues raised by Apple.
Google's AI chatbot is being integrated into all of its products — search, YouTube, play, Android, Chrome and Gmail.
LLMs require training data for specific tasks. They're made of neural networks — or mathematical models that imitate the human brain — that generate outputs from the training data.
At its Worldwide Developers Conference, or WWDC, in June Apple said it will integrate OpenAI's ChatGPT into the Siri voice assistant and iOS 18. One big question is whether "Apple Intelligence" features will spur a major iPhone 16 upgrade cycle in late 2024 and 2025.
New AI features will only be available on the iPhone 15 Pro/Pro Max and upcoming iPhone 16 models, to be launched in September.
Meanwhile, another question is when Google or Apple will be able to charge consumers service fees for AI store apps.
Google Stock Retreats From All-Time High
Google stock was up 17% in 2024 as of Aug. 12. Google stock hit an all-time high of 191.75 on July 10. But Alphabet stock has pulled back sharply along with the Magnificent Seven amid a market rotation out of the technology sector and artificial intelligence plays.
Google stock has found support just above its 200-day moving average, another key technical level.
Google stock holds a Relative Strength Rating of 78 out of a best-possible 99, according to IBD Stock Checkup. The best stocks tend to have an RS rating of 80 or better.
Google stock holds an Accumulation/Distribution Rating of E. That institutional ownership rating analyzes price and volume changes in a stock over the past 13 weeks of trading. A+ signifies heavy institutional buying; E means heavy selling. Think of a C grade as neutral.
Further, shares hold an IBD Composite Rating of 86 out of a best possible 99. The best growth stocks have a Composite Rating of 90 or better.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
