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AI Impact: Alphabet's Profits Surge Amid Growing AI Investments
2024-07-24 23:55:09
Business
Technology
Artificial Intelligence

AI Impact: Alphabet's Profits Surge Amid Growing AI Investments

Alphabet's Q2 profits soared by 29%, fueled by AI products driving billions in cloud revenue. Despite a $2.3 billion AI research loss, net income hit $23.6 billion on $84.7 billion in revenue, surpassing forecasts.

CEO Pichai highlighted a $10 billion cloud revenue milestone, with generative AI solutions reaping billions. Google's AI focus includes DeepMind and Research for ads and cloud.

While Alphabet shares held steady, up 31.5% in 2024, Nvidia outperformed, soaring by 154.5%. IBM exceeded revenue estimates on software and AI strength, while Nvidia's partner Vertiv's orders surged, fueled by AI demand.

Nvidia faces pressure as Alphabet and Tesla earnings impact stock, yet it may benefit from increased GPU demand from Google Cloud and Tesla's AI ventures.

Related news on that topic:

Alphabet's Impressive Q2 Performance Reflects Profit Surge

Alphabet, Google's parent company, showcased remarkable financial performance in Q2, surpassing revenue estimates with sales reaching $84.7 billion, a 14% increase. The profit soared by 29% to $23.6 billion, exceeding Wall Street's forecasts of $22.7 billion. Notably, Google's ad-driven consumer services demonstrated stability, with significant growth in advertising and Google Cloud revenues. Despite Ruth Porat's departure as CFO, the company remains focused on tech advancements, transitioning with Anat Ashkenazi taking over the CFO role. The financial figures reveal a robust quarter for Alphabet, emphasizing its continued success and future prospects in the tech industry.

Investing in the Future: AI Stocks to Consider

Investors looking to capitalize on the transformative potential of artificial intelligence (AI) should consider these three stocks: Nvidia, Microsoft, and Palantir. Despite potential challenges, Nvidia's AI chip dominance and CUDA software provide a strong competitive advantage. Microsoft expects double-digit earnings growth and Palantir's flexible AI platform has the potential to expand to over 20,000 large businesses. Meanwhile, Meta Platforms offers AI-driven growth potential with various AI products and technologies. These stocks provide investors with diverse exposure to the booming AI industry. However, caution is advised, as the AI trade faces risks due to lack of impact on revenues and earnings. Furthermore, the performance of AI stocks can be volatile, as seen with Palantir's recent stock price increase. Nevertheless, with the generative AI industry expected to grow significantly and software being touted as the next big AI opportunity, investing in AI stocks can be a lucrative long-term strategy.

Read 16 more recent news on this topic

The press radar on this topic:

The Street
24. Juli 2024 um 12:27

Analyst puts Nvidia stock on watch; report points to new China chip TheStreet Daily Newsletter

Technology
Finance
Politics
Nvidia shares rose as analysts remain bullish, citing new China-focused AI chip and Blackwell GPU architecture. Nvidia is adapting chips for China amid export restrictions, as China accounted for $10.4 billion in revenues. Finance chief expects China market to remain 'very competitive'. Nvidia CEO Huang to speak at Siggraph, where Citi expects insights on client infrastructure monetization. Nvidia told investors Q2 revenue would rise to $28 billion, but Blackwell system won't ship until 2H 2024...
Cointelegraph.com News
24. Juli 2024 um 02:26

Google parent Alphabet profit surges 29% in Q2 amid AI splurge

Economy
Technology
Finance
Alphabet's Q2 profits surged 29%, driven by AI products in the cloud business generating 'billions' in revenue. Despite a $2.3 billion loss from AI research, the firm reported $23.6 billion in net income and $84.7 billion in revenue, surpassing estimates. AI-related spending included Google's DeepMind and Google Research, focusing on AI implementation in ads and cloud. CEO Sundar Pichai highlighted the $10 billion revenue milestone in the cloud business, with generative AI solutions already ea..
Inc.com
24. Juli 2024 um 18:51

Google Delivers on Earnings Even as AI Transforms Big Tech

Economy
Technology
Finance
Alphabet Inc. reports steady growth, with revenue up 14% to $84.74B and net income of $23.62B. Google's cloud computing division generated $10.3B. AI is transforming Google's search capabilities, including a May introduction of a feature producing conversational responses, which has sparked fear and outrage among online publishers worried about traffic decline. Google abandoned plans to acquire Wiz and block third-party cookies in Chrome, and awaits a decision in a U.S. Justice Department anti..
Yahoo Finance
24. Juli 2024 um 19:08

Nvidia Partner Vertiv's Orders Skyrocket Amid Surging Demand for AI

Technology
Economy
Finance
Vertiv, a Nvidia partner, reports increased profit and sales boosted by AI demand. Second-quarter EPS stands at $0.67 with $1.95 billion revenue, surpassing estimates. Organic orders surged by 57%. CEO Giordano Albertazzi highlights the company's ability to capture the growing AI deployment scale.
Yahoo Finance
24. Juli 2024 um 20:12

IBM übertrifft die vierteljährlichen Umsatzschätzungen dank der Stärke der Software und der Nachfrage nach KI

Wirtschaft
Technologie
Finanzen
IBM meldete einen starken Umsatz im zweiten Quartal, der durch Software und KI angetrieben wurde. Die Aktien stiegen um 5% auf die Ergebnisse.
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