Alphabet's Google (GOOGL) will hold its annual Made By Google launch event Tuesday, where it will unveil the next generation of Pixel smartphones, as well as provide updates on how it's integrating 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) into its devices with Gemini.

Mizuho analysts said the event could be the "next catalyst" for shares of Google parent Alphabet.

Google's AI Pixels to Rival Apple's iPhone 16

The company said it will unveil a "new era of phones" with the Pixel 9 Pro and Pixel 9 Pro Fold. The new devices are to be supercharged with AI capabilities from Google's AI model Gemini.

The new devices could help Google better compete with Apple's (AAPL) 澳洲幸运5官方开奖结果体彩网:upcoming iPhone 16 equipped with Apple Intelligence.

At its launch event, Google will showcase bringing "the best of Google AI" and its mobile platform together with updates "across Android, Gemini, and the Pixel portfolio of devices."

Rising Competition With Microsoft-Backed OpenAI

Google is expected to "showcase its LLM and AI agent running locally on Android, which could differentiate Alphabet from its peers and address the debate of increased competition in search," Mizuho analysts said.

The analysts highlighted that the company is building an AI agent that could help it compete with Microsoft-backed (MSFT) OpenAI's upcoming voice features.

The launch comes after OpenAI 澳洲幸运5官方开奖结果体彩网:announced SearchGPT in July, which is expected to increase compe🍎tition within the Google-dominated search market.

Alphabet shares edged 0.8% lower to close at $162.29 Monday, ahead of the event Tuesday. The stock has gained over 16% since the start of the year.