Shares in Alphabet (GOOGL) rose by 2% to $339 on Friday morning. This came after multimedia company Avid Technology said, in a statement, that it is using Google Cloud to transform its audio and video software with artificial intelligence. The aim is “to accelerate the creative process” for Avid users. The move expands the partnership between the two companies.
Notably, the move marks Google’s latest effort to boost workplace products with AI. This is important as Bank of America (BAC) sees Google leading the next phase of consumer AI adoption.
Avid Taps Google for AI Transformation of Software Suite
Under the expanded collaboration, Avid said it has integrated Google’s AI-powered workplace platform, Gemini Enterprise, with Avid Media Composer. Avid Media Composer is Avid’s professional video editing tool.
As part of the push, Avid is also making Avid Media Composer available on Google Chrome to allow remote collaboration among editors. Google’s Gemini tool lets editors generate B-roll, find stock footage, and even tag, log, or translate clips right inside Composer.
“Within Media Composer, agentic AI capabilities in Avid’s Ready to Edit allow editors to use natural language prompts to sync media, transcribe and align dialogue, and organize project bins, putting the focus back on editorial storytelling,” Avid noted.
Avid, Google Address Media Industry Challenges with AI
Meanwhile, the new partnership also includes integrating Google’s data warehouse platform, Google BigQuery, directly into Avid’s software. This helps users analyze production data. This includes data such as costs, staffing, resource use, and content performance.
Furthermore, Avid is tapping Google Cloud tools to make its Avid Content Core content management platform more intelligent. Editors can now search their media archives faster using text prompts.
According to Avid, these solutions help to address time-consuming tasks editors find challenging.
Is Google Stock a Good Buy Right Now?
On Wall Street, Alphabet’s shares continue to boast a Strong Buy consensus rating from analysts. This is based on 24 Buys and four Holds assigned by 28 analysts over the past three months.
In addition, the average GOOGL price target of $426.04 suggests about 28% upside (see GOOGL stock forecast here).
