Wedbush: New generation of AI products boost cloud business outlook, maintains "Outperform" rating on Google (GOOGL.US)

Zhitong Finance learned that Google Cloud (GOOGL.US) outlined a series of AI agent use cases at its Google Gemini at Work event on Tuesday. After the event, Wedbush maintained its "Outperform" rating on Google with a 12-month target price of $205. Wedbush analyst Scott Devitt and his team said in an investor note: "After the keynote, we are more confident in Google's strength in enterprise generative AI products and its new contribution to Google Cloud growth. Google is actively working with enterprise customers to develop AI agents for various use cases." Focus companies include Snap (SNAP.US), Volkswagen, Warner Bros. Discovery (WBD.US) and Best Buy (BBY.US). The six major uses of AI agents by enterprises include customer agents, employee agents, code agents, data agents, security agents and creative agents. Google reported that more than 2 million developers are using its GenAI solutions, and the usage of the Gemini API on verx AI has grown 36 times since the beginning of this year. Devitt noted: "Google is well positioned to drive adoption of generative AI tools, with its AI-optimized computing infrastructure supported by custom chips, as well as unparalleled data breadth to develop and train AI models across text, images and videos."