Google owner attributes AI as profit catalyst

Alphabet, the parent company of Google, reported a substantial profit of $20.7 billion in the fourth quarter of 2023, according to AFP. With revenue at $86.3 billion, the company credits its progress on artificial intelligence as a key contributor. YouTube and the cloud computing division have been pivotal, benefiting from the company’s AI investments and innovations. Sundar Pichai, CEO, highlighted the importance of AI in the company’s performance. Despite growing competition in the advertising market from entities like Facebook, Instagram, TikTok, and Amazon.com, Alphabet’s ad revenues still increased to $65.5 billion. Google is also engaged in the competitive AI landscape, challenged by OpenAI’s ChatGPT, while rolling out its advanced AI model ‘Gemini.’ Pichai expressed optimism about Gemini shaping Alphabet’s future.