Markets
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Rani Molla

Google soars after analysts charmed by developer conference

Wall Street analysts were generally impressed with Google’s two-hour developer conference yesterday, in which execs crammed its Gemini AI into basically everything.

Today the stock is up more than 5%. Here are some comments from a few of their notes:

JPMorgan: “We come away from Google I/O incrementally positive as we believe Google is leading in many areas of AI with Gemini at the top of foundational model leaderboards, AI Mode bringing Gemini into Search and incorporating agentic capabilities from Astra, Mariner, & Deep Research, and Gemini becoming widely available across numerous platforms (iOS & Android) & device types (smartphones, wearables, & auto). Importantly, Google’s product innovation is accelerating — the company is shipping faster than ever — and AI Mode in Search is rolling out to US users just 1 year after AI Overviews were introduced. We believe Google’s ‘total reimagining of search’ is taking shape as AI Mode integrates what have been somewhat disparate AI products.”

Morgan Stanley: “I/O showed how GOOGL intends to make search more AI-enabled, personalized, and agentic in ’25. Next gen (subscription, diffusion and devices) tools are improving too but for now we are most optimistic on the free pipeline of products to come.”

Bank of America: “We think the catch-up phase for Google’s LLM capabilities is coming to an end... We see this as Google’s ‘Reels moment,’ taking on a growing and well-funded competitor in OpenAI by integrating a directly competitive product [AI Mode].”

Evercore ISI: “We don’t believe there will be only one AI winner, but we think Google has successfully proven that it will remain a leader in the AI race.”

Baird: “It’s a tough and competitive landscape, but Google’s global scale, infrastructure, and suite of apps are meaningful competitive advantages.”

Rosenblatt Securities: “While impressive, the event was also a reminder that Google is stretching to parry huge strides by rivals that were nowhere just a couple of years ago.”

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SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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