Alphabet (Buy, TP: $130, +37%) Lots of Bark, Lots of Bite? Generative AI and its impact on Google Search
In this report, we discuss the potential impact to Search revenue (market share shift, changes in advertiser ROI) and more deeply analyze potential capex spending to roll out generative AI over the next several years and its potential impact to the future gross margins of Google Search.Alphabet is a holding company. Through its subsidiaries, the company is engaged in a collection of businesses, which its primary business is Google. The company reports all non-Google businesses collectively as Other Bets. Google's main products and platforms are Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube. The company also provides advertisers with tools that help them attribute and measure their advertising campaigns. In addition, Other Bets includes Access, Calico, CapitalG, GV, Verily, Waymo, and X, among others. Other Bets primarily engages in the sales of internet and TV services through Access as well as licensing and research and development services through Verily.
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