Alphabet's (GOOGL) Google is set to hold its recurring Cloud Next conference Tuesday through Thursday, with the tech giant expected to provide key updates on how it is leveraging 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) tech in its cloud business. Google Cloud CEO Thomas Kurian will deliver a keynote address for the event at 12 p.m. ET Tuesday.

Ahead of the conference, analysts at Bank of America wrote that the event could boost enthusiasm for Google's AI efforts and provide investors with new details about its partnerships and growth in its cloud business.

Potential Sentiment Boost Surrounding Google's AI Efforts

Investors' enthusiasm for Google's AI capabilities could get a boost from the event, according to Bank of America analysts, noting that Cloud Next 2024 is taking place just 7.5 months since Cloud Next was held in 2023, potentially suggesting "some advancements with Gemini LLM or other AI products" that the company is eager to highlight.

The analysts said they expect Google to underline how its large language model (LLM) capabilities can help its cloud 澳洲幸运5官方开奖结果体彩网:enterprise customers. The company could also announce updates about its AI model Gemini.

Bank of America said that "positive commentary on advances in AI infrastructure, Gemini's capabilities vs competitive LLMs, or traction with AI customers (after a strong 4Q vs estimates) could address some of the AI-related overhang on the stock."

More Details on Google Cloud AI Partnerships

Several AI leaders including Nvidia (NVDA) and 澳洲幸运5官方开奖结果体彩网:Amazon-backed (AMZN) Anthropic will be among the Google Cloud partners set to speak atꦗ the event, which could offer insights into Google's ongoing AI-related partnerships or new partnership announcements.

Google Cloud and Nvidia have a longstanding relationship, with some Google AI tools running on Nvidia chips. Nvidia representatives will be joining the conference to discuss the role the partnership plays in Google's 澳洲幸运5官方开奖结果体彩网:generative AI (GenAI) offerings.

Bank of America analysts said that Google could update investors on how 澳洲幸运5官方开奖结果体彩网:graphics processing unit (GPU) capabilities have influenced its AI tech.

Speakers from Anthropic could also explain how the partnership between the Amazon-backed AI firm and Google Cloud accelerates AI innovation. Anthropic's Claude 3 model is available on Google Cloud's AI platform, Vertex AI.

Possible AI Product Launches

The event could bring new product launches and AI-related announcements, with Bank of America analysts suggesting Google might announce new Gemini capabili𒁃ties and additional Vertex AI use c𝔉ases, as well as additional AI integration into Google workspaces.

The event may also include Google introducing "enhanced cybersecurity capabilities" or announcing new regions where its AI tech is available.

Updates on Google Cloud Growth

Bank of America analysts indicated the conference could highlight growth opportunities for Google Cloud and its value as a "positive driver" for Alphabet's stock price, citing growing scale, accelerating AI demand, and increasing margins boosting 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS), among other things.

The firm projected Google 🌜Cloud revenue could grow to $58 billion in 2026 from $41 ဣbillion in 2024, improving margins and raising profits.

"With unique AI assets, including proprietary infrastructure and an advanced LLM model, we believe Google cloud has an opportunity to differentiate its cloud offering, improving market share and street sentiment," the analysts wrote.

Bank of America maintained a "buy" rating for Alphabet and 澳洲幸运5官方开奖结果体彩网:price target of $173. Alph🍃abet shares closed 1.5% higher at $154.85 Monday ahead of the event. ๊The stock has gained about 12% since the start of the year.