Goldman Sachs said in a research report that Google's parent company Alphabet's recent AI management adjustments may mean that the company's strategy is shifting from “research-driven” to more emphasis on large-scale commercialization. Demis Hassabis, head of Google DeepMind, will focus more on AGI, scientific research, and long-term AI development, while Koray Kavukcuoglu will take over Gemini product development and commercialization. Goldman Sachs believes that this is not Google abandoning the leading-edge model competition, but rather starting to invest more resources in areas where it really has a long-term advantage. In the future, Google will maintain cutting-edge AI research and development capabilities, and Goldman Sachs expects Gemini 4 to be launched later this year or early next year. At the same time, the increase in Gemini consumer adoption is expected to strengthen Google's distribution advantage, and Google Cloud will become an important vehicle for monetizing AI infrastructure. Goldman Sachs predicts that the compound growth rate of Google Cloud's revenue may be close to three digits in the next 4 to 6 quarters, and the GAAP operating margin is expected to exceed 30%. Goldman Sachs believes that Google is evolving into a large-scale AI platform company: consumer AI expands distribution, cloud business takes on infrastructure needs, and cutting-edge research serves the overall business strategy more.

Goldman Sachs said in a research report that Google's parent company Alphabet's recent AI management adjustments may mean that the company's strategy is shifting from “research-driven” to more emphasis on large-scale commercialization. Demis Hassabis, head of Google DeepMind, will focus more on AGI, scientific research, and long-term AI development, while Koray Kavukcuoglu will take over Gemini product development and commercialization. Goldman Sachs believes that this is not Google abandoning the leading-edge model competition, but rather starting to invest more resources in areas where it really has a long-term advantage. In the future, Google will maintain cutting-edge AI research and development capabilities, and Goldman Sachs expects Gemini 4 to be launched later this year or early next year. At the same time, the increase in Gemini consumer adoption is expected to strengthen Google's distribution advantage, and Google Cloud will become an important vehicle for monetizing AI infrastructure. Goldman Sachs predicts that the compound growth rate of Google Cloud's revenue may be close to three digits in the next 4 to 6 quarters, and the GAAP operating margin is expected to exceed 30%. Goldman Sachs believes that Google is evolving into a large-scale AI platform company: consumer AI expands distribution, cloud business takes on infrastructure needs, and cutting-edge research serves the overall business strategy more.