Alphabet adds $111 billion in market value after showing progress on AI

On the earnings call, Alphabet talked up its growing artificial intelligence efforts, which have become a focal point for the company in the eyes of investors, especially following the"This is our seventh year as an AI-first company, and we intuitively know how to incorporate AI into our products," CEO Sundar Pichai said on the earnings call.

He added that Alphabet has incorporated AI capabilities into its search engine products, and its Bard chatbot is getting faster and smarter.and is moving people at the company to work on high-priority initiatives. Alphabet also announced that its long-time CFO, Ruth Porat, would transition into a new role as president and chief investment officer.

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