Goldman Sachs: GoogleAI strategy to scale up applications to accelerate the implantation of Gemini into hardware ecology

According to Goldman Sachs, Google launched the Pixel 11 series, Pixel Watch 5 and the first bluetooth tracker, Pixel Tag, at the “Made by Google 2026” launch, and focused on a new generation of Gemini Industries. Although the hardware business accounts for a relatively small share of Google ' s overall income, Goldman Sachs believes that Google is using self-study chips and multi-modular models to embed AI directly into terminals and to continuously increase the market share of smartphones and wearable equipment from the lower base. The Bank believes that the extension of the terminal AI functionality will increase Gemini's use value and enhance Google's competitive position in the AI-era consumer Internet, maintaining the “buy-in” rating and the target price of $435。