Google's AI-powered Growth Surges with Billion-Dollar Investments and Drug Discovery Tools.

Alphabet's stock has gained 9% and added $115 billion in market value after unveiling its latest AI tools at a developer's conference last week, erasing its underperformance against peers like Apple and Microsoft. The company's announcement of a more conversational search engine and making its AI-powered chatbot more broadly available provided a timely boost. Despite concerns about AI risks, Alphabet's cheaper market valuation multiple is expected to expand as it is seen as a major beneficiary of AI adoption in the long run.