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Alphabet earnings met with calls for patience when it comes to the AI race

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Shares of Alphabet slipped in premarket trading on Wednesday as investors pored over the company's latest results and its updates on the AI race.

Google parent Alphabet is in the AI race to stay, and investors need to be patient as that competition plays out, say analysts on Wall Street.

Shares of Alphabet GOOGL GOOG wobbled on Wednesday, dropping 1.3% in premarket trading a day after the company’s first-fiscal-quarter revenue and earnings narrowly beat forecasts and the company authorized $70 billion in share buybacks. Shares initially gained after the results were released. “The bad: concerns about Google Search’s competitiveness in AI and partnership deals will take several quarters to resolve, which may keep [Alphabet’s price-to-earnings ratio] constrained near an S&P 500 multiple for now,” said Patterson.

KeyBanc lifted its Alphabet price target to $122 per share from $117 and stuck to an overweight rating.

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