Alphabet's stock is back towards its all-time highs on the New York Stock Exchange on Wednesday, benefiting from favorable analysts' comments following the presentation of its latest AI innovations.

Just over an hour after the opening, the stock of Google's parent company is up 0.7% to trade within 1% of its all-time high of $174.7.

At its I/O conference, the American technology group unveiled a whole series of new features around its Gemini generative AI tool, which it plans to integrate into its search engine, its Workspace office suite and its Android mobile operating system.

Sundar Pichai, its CEO, also unveiled the group's sixth generation of TPU processors, Trillium, its most powerful components to date with almost five times more computing power than the previous generation.

It also presented the latest innovations in AI for video and images, with Veo and Imagen 3, and introduced Gemma 2.0, its new open model for responsible AI innovation.

'All these announcements support our theory that Google has the capabilities to become a leader in AI', BofA analysts stressed this morning, renewing their Buy recommendation on the stock.

For the teams at Jefferies, the conference reserved a few 'nuggets', which could eventually be integrated by billions of users worldwide.

'And the stock market valuation is attractive', reminds the brokerage firm.

'The stock is trading on an Enterprise Value/Ebitda ratio of 13x over the short term, compared with an average of 12x over ten years', adds Jefferies.

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