Goldman Sachs said in the latest research report that Google launched the Pixel 11 series, Pixel Watch 5, and Pixel Tag, the first Bluetooth tracker, at the “Made by Google 2026” press conference, and focused on showcasing next-generation Gemini Intelligence features. Although the hardware business accounts for a relatively small share of Google's overall revenue, Goldman Sachs believes that Google is directly embedding AI into terminals using self-developed chips and multi-modal models, and continues to increase the smartphone and wearable device market share from a low base. The bank believes that the expansion of terminal AI functions will increase the use value of Gemini, strengthen Google's competitive position in the consumer internet in the AI era, and maintain a “buy” rating and target price of 435 US dollars.

Goldman Sachs said in the latest research report that Google launched the Pixel 11 series, Pixel Watch 5, and Pixel Tag, the first Bluetooth tracker, at the “Made by Google 2026” press conference, and focused on showcasing next-generation Gemini Intelligence features. Although the hardware business accounts for a relatively small share of Google's overall revenue, Goldman Sachs believes that Google is directly embedding AI into terminals using self-developed chips and multi-modal models, and continues to increase the smartphone and wearable device market share from a low base. The bank believes that the expansion of terminal AI functions will increase the use value of Gemini, strengthen Google's competitive position in the consumer internet in the AI era, and maintain a “buy” rating and target price of 435 US dollars.