Alphabet’s (NASDAQ:GOOGL) (NASDAQ:GOOG) subsidiary Google is welcoming back its co-founder and artificial intelligence (AI) veteran Sergey Brin to the company. As per a Wall Street Journal report, Brin has been visiting Google’s Mountain View, California, office frequently. Brin is assumed to be actively involved in the company’s operations once again. He is rumored to be formulating plans to introduce Google’s highly anticipated, powerful AI system Gemini later this year.
Google’s ambitious Gemini project is under development. Gemini is a general-purpose AI model that stands to compete with OpenAI’s GPT-4 model, launched recently.
Google, Brin, and AI
Brin stepped down from the executive role in 2019 and has since only been involved as a Board member and co-founder. He is the second-largest shareholder of Alphabet stock after co-founder Larry Page. Google was one of the pioneers of AI when it started working on its AI products back in 2011, under the stewardship of Brin. The deep learning arm was called Brain, which was recently combined with the AI research firm DeepMind. But the tech company has been rather slow in launching AI models. Even so, Google did integrate its generative AI software, Bard, into its search engine, Bing, and other products.
AI is the most sought-after transformational technology of recent times. The rapid developments in generative AI software have led to heated competition in the tech space. While Microsoft (NASDAQ:MSFT) is backing the game-changing ChatGPT software of OpenAI, it has also released rival Meta Platforms (NASDAQ:META) Llama 2 software on its Azure Cloud platform. Google needs to hasten the launch of Gemini if it wants to proclaim leadership in the AI world. With Brin back in business, it seems like a close possibility.
What is the Price Target for GOOGL Stock?
On TipRanks, the average Alphabet (GOOGL) price target of $136.59 implies 14.6% upside potential from current levels. GOOGL stock commands a Strong Buy consensus rating based on 26 Buys and five Hold ratings. Meanwhile, thanks to the tech buzz this year, GOOGL stock is up 33.8% year-to-date.
