Google's transition into the era of artificial intelligence continued to pay off for its corporate parent, Alphabet Inc., which on Wednesday announced another quarter of the stellar growth that helped to more than double its already lofty market value during the past year. Alphabet earned $62.6 billion, or $5.11 per share, during the January-March period, an 81% increase from the same time last year. Revenue climbed 22% from last year to $109.9 billion. Both numbers easily surpassed the analyst projections that steer investors. Alphabet's stock price rose by more than 6% in extended trading, putting the shares on trajectory toward a new peak in Thursday's regular trading.
Apple will lean on Google to help finish its bungled attempts to smarten up its virtual assistant Siri and bring other artificial intelligence features to the iPhone as the trendsetting company plays catch up in technology's latest craze. The deal that allowing Apple to tap into Google's AI technology was disclosed Monday in a joint statement from the Silicon Valley powerhouses. The partnership will draw upon Google's Gemini technology to customize a suite of AI features dubbed "Apple Intelligence" on the iPhone and other products. Apple announced plans to use AI to turn Siri into a more conversational and versatile multitasker in 2024, but that promise remains unfulfilled.
Owning a home is a benchmark of success and a way to amass wealth. But in California, with increasing home prices and mortgage interest rates above 6%, combined with rent control policies, it might make more financial sense to rent. For some, renting is necessary because they cannot afford to buy. Others may rent and put additional money into the stock market or other investments to build wealth. The advantages of buying a single-family home include extra space, a sense of security and likely better schools than might be available to people living in apartments. California's homeownership rate of 55% is second lowest in the nation and a full 10 percentage points below the national average.
By KELVIN CHAN and MATT O'BRIEN AP Technology Writers
Financial institutions are raising concerns about a potential AI investment bubble. The Bank of England on Wednesday warned that tech stock prices, inflated by AI optimism, could face a sharp correction. The IMF echoed these concerns, noting that global stock prices are surging due to high expectations for AI's productivity potential. Experts point to rapid tech stock growth and stretched market valuations as signs of a bubble. While tech leaders like Jeff Bezos and Sam Altman acknowledge some risks, they speak optimistically about AI's long-term benefits.
