Alphabet (Buy, TP: $135, +21%) Playing both Offense and Defense: Takeaways from Google I/O
We thought the two-hour long keynote was well executed, helped address the #1 investor concern about the roadmap for Gen AI in Search (playing defense vs MSFT), and showcased the breadth of GOOGL's AI investment in a variety of products, including new features in productivity apps (i.e. Workspace), cloud services, and mobile operating systems & hardware (playing offense vs MSFT, but also AMZN and AAPL).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.
Amazon.com serves consumers through its online and physical stores. The company also manufactures and sells electronic devices, including Kindle, Fire tablet, Fire TV, Echo, and Ring, and the company develops and produces media content. The company operates customer service centers and provides programs that enable sellers to grow their businesses, sell their products in its stores, and fulfill orders through the company The company serves developers and enterprises of various sizes, including start-ups, government agencies, and academic institutions, through its Amazon Web Services segment, which provides a set of global compute, storage, database, and other service offerings. The company also provides services, such as advertising.
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