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Investors were delighted alphabet (NASDAQ:GOOG) (NASDAQ:Google) Stock prices rose this morning after reports that the company was in negotiations apple (NASDAQ:AAPL) This is to make the Gemini AI chatbot available on iPhone.
Although negotiations are ongoing and no agreement has been announced, the report sent Alphabet stock surging on Monday, with investors believing it a sign that the company is overcoming bad publicity and other challenges associated with AI technology. It seemed like there was. Until now. As of noon ET today, the stock was up as much as 7.8%, nearing an all-time high, while Apple was up as much as 3%.
Will this be a game-changer for Alphabet?
The day’s gain was no small move for Alphabet, whose market capitalization at one point had increased by more than $100 billion, based on the report. However, investors should note that this news has not been confirmed at this time.
Bloomberg reported this morning that Apple is in talks to license Gemini to add some new features to its iPhone software later this year, but the deal isn’t until June, when Apple holds its annual developer conference. It is unlikely that it will be announced.
Apple is also in talks with OpenAI about using generative AI models, so it’s unclear whether an agreement between Apple and Alphabet will be finalized.
Given the uncertainty surrounding the partnership, this news is not a game-changer for Alphabet. But partnering with Apple is certainly a big step in the right direction for Google’s parent company. Google has stumbled with its AI strategy in the past, ever since Bard’s failed launch and its rebranded Gemini chatbot came under similar criticism.
Alphabet has already announced a partnership. samsung The inclusion of the company’s generative AI technology in the latest Galaxy phones signals the growing adoption of chatbot technology.
For now, new AI technology is unlikely to become a major revenue driver for Alphabet, but it’s important to establish relationships that could be strong for decades. Stay tuned for more news on the pact between the two tech leaders, as Alphabet stock could move in the future.
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Alphabet executive Suzanne Frye is a member of The Motley Fool’s board of directors. Jeremy Bowman has no position in any stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Apple. The Motley Fool has a disclosure policy.
Alphabet stock soars today: Buy on potential Apple news?Originally published by The Motley Fool
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