Alphabet’s stock, GOOGL surged by 5.6% and closed at a record high of $195.40 on Wednesday. This increase followed the announcement of the Gemini 2.0 model and other exciting projects that accompany it.
The new iteration is an upgrade from Gemini 1.5 and it promises to improve performance while maintaining rapid response time with developers all set to gain early access before a broader rollout in January.
“Today’s releases mark a new chapter for our Gemini model. With the launch of Gemini 2.0 Flash and a series of research prototypes exploring agentic possibilities, we have reached an exciting milestone in the Gemini era.”, through this statement, Alphabet has expressed its enthusiasm about the milestone they achieved.
According to Dow Jones Market Data, the recent growth in the stock price marks the highest close since the 10th of July when the shares were at $191.18. Alphabet is in a race with other tech giants including OpenAI and Microsoft, however, this race comes with major financial stakes. Alphabet in October reported capital expenditures of $13.1 billion for the third quarter mainly for investments in technical infrastructure.
Among the innovative prototypes that were introduced together with Gemini 2.0 is ‘Project Mariner’. It is an AI agent which is designed to help users in real-time by taking control of their computers to look for the answers on Google, hence it can enhance productivity and alleviate mundane tasks. Additionally, Alphabet created a buzz in the market this week when it unveiled its Willow chip for quantum computing. It is astonishingly capable of finishing tasks in not more than five minutes, it can accomplish even the complex tasks which the fastest supercomputers may take time to do. Justin Post, BofA Securities analyst emphasised the developments that maintained a buy rate on Alphabet with a $210 price target.
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