Alphabet Inc. (NASDAQ-GOOGL) is an American multinational corporation headquartered in Mountain View, California, USA. Alphabet Inc. was formed through the restructuring of Google LLC on 2 October 2015 and became the parent company. Mr. Larry Page is the founder and CEO of the company and Mr. Sergey Brin is the Chairman of the company. This new portfolio in Alphabet Inc. includes several sectors including technology, life sciences, investment capital and research. The Google segment includes internet products such as : search, ads, commerce, maps, YouTube, Google Cloud, Android, Chrome and Google Play. The Google segment engages in advertising, digital content sales, applications and cloud offerings, and hardware product sales. The Other Offerings segment engages in the sale of Internet and television services through Google Fiber, the sale of Nest products and services, and the provision of licensing and research and development services through Verily. It offers Google Assistant, which allows users to text or communicate with Google. The company also has a Google Maps navigation service, and a Google Photos app that helps users store and organize all their photos.
Despite growing competition in the AI space, Google’s stock has risen 55% this year. Google is also trying to counter Microsoft’s investment in AI startup OpenAI by making its own generative AI tools available through its software developers. The question is how much the integration of chatbot AI technology will affect advertising revenue. Alphabet Inc (NASDAQ-GOOGL) also had a big day in Washington recently when U.S. President Biden signed an executive agreement in guarantees for the AI industry that could affect Google’s most important projects. The company also recently received an award from U.S. Secretary of State, Antony J. Blinken for its work and contributions in helping Ukrainian refugees and promoting women’s economic security.
Alphabet Inc. also recently released financial results for the third quarter of this year in which it beat analysts’ expectations. The company generated total sales of $76.693 billion with a year-over-year growth of 9.68%. The company’s net profit increased by 41.54% to USD 19.689 billion. These facts have attracted the attention of private investors and multinational investment corporations to buy shares of Alphabet Inc (NASDAQ-GOOGL) , for which the average target price for the short- to medium-term investment horizon has been set at $153.84 per share.
