META - Google I/O 2024 Takeaway: Slow On Innovation Strong On Distribution

2024-05-15 18:03:02 ET

Summary

• Alphabet Inc./Google's I/O 2024 event showcased key features and technological updates, although it still moderately lagged OpenAI's innovation.
• The company's core strengths, including its wide network of products and user base, give it an advantage despite not being as innovative as OpenAI.
• Google's I/O event has set a formative base for the company to see its valuation multiples expand, making it a buy.
• From here on, my models suggest at least 16% upside for Google stock from current levels.

Investment Thesis

Alphabet Inc. aka Google ( GOOG , GOOGL) just wrapped up its annual I/O 2024 developer conference, announcing key features and technological updates. The full presentation can be watched here, whereas the company also has a brief summary of its presentation in under 10 minutes....

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