Alphabet's (GOOGL, GOOG) Google could use its new AI tools, paid plans, app integrations, video features, and smart glasses to create more revenue opportunities beyond Search and Cloud, but near-term profit upside may be limited by higher costs, UBS Securities said in a note Wednesday.
Google's I/O 2026 updates showed that AI could help the company make more money from its large consumer products over time, and Gemini 3.5 Flash should help ease investor concern as Gemini 3.5 Pro is expected to launch next month, the investment firm said.
Google's new $100 AI Ultra plan could appeal to developers, small business owners, and heavy users, UBS said as it noted that even a small pickup among paid subscribers could bring meaningful revenue.
Gemini Spark could help Google compete more directly with ChatGPT and Meta AI, while also giving advertisers a new way to reach users and deeper links across Gmail, Calendar, Chrome, YouTube, and other Google apps could improve user data and support better ad targeting if ads were added to these tools, the firm said.
UBS Securities kept its neutral rating and $410 price target on the stock.
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