Google commits to cloud and AI
Summary
The company’s results were impacted by fluctuating currencies, and Alphabet said it would be working to realign resources to fuel its highest growth priorities. “The long-term trends that are driving cloud adoption continue to play an even stronger role during uncertain macroeconomic times,” said CEO Sundar Pichai in the transcript of the earnings call posted on Seeking Alpha. We are at a similar point now with AI [artificial intelligence], another transformational technology.” Pichai claimed that the investments in AI and deep computer science put Google in a position where it is able to deliver a wide range of breakthroughs across its products and services to help people, businesses and communities. At the end of September, Synergy Research Group reported that the European cloud market is now more than five times as big as it was in early 2017, reaching $10.9bn in the second quarter of 2022. These three leading global cloud providers now account for 72% of the regional market and their share continues to rise steadily.