Alphabet Inc GOOG GOOGL Google Cloud executives have recognized Singapore’s exceptional potential as a leading global AI hub, attributing its success to a conducive environment for innovation and robust public-private partnerships.
Caroline Yap, Managing Director for Global AI Business and Applied Engineering at Google Cloud, emphasized the critical role of these collaborations in realizing AI’s full potential during the Explore AI summit.
This event, a collaborative effort between Google Cloud and the Singapore government, showcased top generative AI solutions as part of the “AI Trailblazers” initiative, launched in July by Singapore’s Ministry of Communications and Information alongside other local authorities and Google Cloud, CNBC reports.
Singapore’s commitment to AI innovation is evident through its early adoption of an AI strategy and the recent launch of National AI Strategy 2.0, aiming to expand AI utilization.
Revitalizing Google Cloud’s Standing Amidst Slowing Growth
In the fourth quarter of 2023, Amazon.Com Inc AMZN Amazon Web Services emerged as the frontrunner in the U.S. cloud market, with Microsoft Corp’s MSFT Azure and Google Cloud Platform, or GCP, playing a catch-up.
During December 2023, analysts projected Google Cloud to experience further deceleration in revenue growth, potentially underperforming against Street expectations.
Despite the optimistic outlook, Google Cloud has encountered four quarters of slowing growth, with predictions indicating a possible continuation of this trend for at least another quarter or two, per analysts.
The operating expenditure headwinds, including NFL Sunday Ticket licensing costs and potential legal expenses for the fourth of the quarter of 2023, coupled with ongoing investments in AI, could limit margin expansion for FY24, raising the possibility of negative earnings revisions.
Positive Momentum in Share Value
Price Action: GOOGL shares traded higher by 0.49% at $144.81 on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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