Google's Gemini Will Make for a Solid 2024: Citi

Seekingalpha2023-12-10

Google's (NASDAQ: GOOG) (NASDAQ: GOOGL) Gemini is just the beginning.The launch of the long-awaited large language model, or LLM, this week will lead to product innovation and integration of AI across...

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Look for ramp up in 2024 as a result, analysts led by Ronald Josey wrote in a note.The next-generation multimodal foundation model \"levels the playing field across the broader GenAI landscape based on its ability to understand data across types,\" the analysts said.\"While the full rollout of Gemini is likely to take some time, we believe the launch suggests Google’s AI product cycle is accelerating,\" the bank added.On Wednesday, Google (GOOG) (GOOGL) introduced the LLM, which will power its generative AI Bard chatbot, a competitor of ChatGPT, created by Microsoft (MSFT)-backed OpenAI.The first version of Gemini, Gemini 1.0, will come in three sizes: Ultra, Pro and Nano. Ultra is used for the most intense and \"highly complex\" tasks, while Pro is the company's \"best model for scaling across a wide range of tasks.\" Nano will be used directly on devices as edge AI computing becomes more prevalent.The LLM can recognize videos, images, text and voice simultaneously. Results are returned in text or code. Gemini will be available in more products and services, including search, ads, Chrome and Duet AI in coming months, Google said.Compared to other models, Gemini Ultra scored a 90% in its Massive Multitask Language Understanding benchmark. That's higher than both human experts and OpenAI's GPT-4, which scored 89.8% and 86.4%, respectively.Citi expects to see a greater return on ad spending, and potentially a reacceleration in search ad revenue. In 2022, search ads accounted for $162.45B in sales, representing 58.1% of Google's total revenue.The bank reiterated its Buy rating and $153 price target on the stock.The bank justified its rating citing accelerating growth across core Search and YouTube, emerging tailwinds from Alphabet’s generative AI investments and operating efficiencies.\"And while we acknowledge continued macroeconomic challenges, we believe the broader online advertising market is improving and Alphabet’s core advertising products are well positioned to benefit,\" the analysts said.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":8,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.0","shortVersion":"4.24.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2390810240"}