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Google I/O took place on May 19th, followed closely by Google Marketing Live on May 21st. The market focus has shifted from "Will Gemini 4.0 be released?" to "Can AI make money?"—Can AI search expand commercial queries? Can AI Max replace Dynamic Search Ads as the new default for advertising? Can agency-based shopping complete the transaction loop? Can Google Cloud's backlog of orders, which nearly doubled to $462 billion month-over-month, continue to grow? Everything hinges on these two events. Are you betting that Alphabet will take another leap forward with AI, or has its valuation already exhausted expectations?

<p>Google I/O took place on May 19th, followed closely by Google Marketing Live on May 21st. The market focus has shifted from "Will Gemini 4.0 be released?" to "Can AI make money?"—Can AI search expand commercial queries? Can AI Max replace Dynamic Search Ads as the new default for advertising? Can agency-based shopping complete the transaction loop? Can Google Cloud's backlog of orders, which nearly doubled to $462 billion month-over-month, continue to grow? Everything hinges on these two events. Are you betting that Alphabet will take another leap forward with AI, or has its valuation already exhausted expectations?</p>

With two AI conferences being held in quick succession, can Google AI truly make money?

<p>Google's upcoming I/O conference is crucial for Alphabet as it seeks to validate its AI advancements following a 140% stock surge. Investors are eager to see a solid product roadmap, particularly regarding the anticipated Gemini 4 model and its broader ecosystem. Analysts highlight Google's unique position to monetize AI at scale due to its vertical integration, which enhances innovation speed. Key areas of focus include AI agents and commerce integration, aiming to establish Gemini as a comprehensive operating layer across Google's services.</p>

- Alphabet's stock has surged 140% in the past year, attributed to its rapidly growing cloud business and advancements in artificial intelligence.  
- Key developments anticipated at the upcoming Google I/O include potential announcements about the next-generation Gemini model and further innovations in agentic commerce, enhancing Google's AI capabilities across various products.  
- Investors are particularly focused on how Google plans to monetize AI technologies and the impact of its partnerships, such as with Anthropic, on future cloud revenue.

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