Zinger Key Points
- Google commits $120M to AI education programs, aiming to train workers and address job insecurity caused by AI advancements.
- Google explores public-private partnerships and emphasizes AI adoption as it discusses policy with global governments.
- Get Wall Street's Hottest Chart Every Morning
Alphabet Inc GOOG GOOGL Google prioritized building educational programs to train the workforce on AI to help the workforce grapple with job insecurity following the advent of AI.
Google’s Kent Walker and Ruth Porat are discussing policy recommendations with global governments after CEO Sundar Pichai earmarked $120 million to build AI education programs.
Walker emphasized to Reuters the importance of familiarizing more people, including governments and organizations, with the use of AI tools.
Also Read: Google Taps HTC’s Talent in $250 Million Deal to Lead AR/VR Innovation
Walker told Reuters that Google aims to boost experiments with public-private partnerships.
Recently, Google invested over $1 billion in OpenAI rival Anthropic, whose valuation could reach $60 billion as it bags more funding. Its annualized revenue hit $1 billion in December.
In related news, Microsoft Corp MSFT committed $80 billion to AI-driven data centers for fiscal 2025, and Meta Platform Inc (NASDAQ: META) targeted a $65 billion investment in fiscal 2025 to boost its AI infrastructure.
Some reports indicate that companies are indulging in job cuts and hiring pauses.
Microsoft laid off 10,000 employees in early 2023, representing 4% to 5% of its total staff. In January 2024, following the Activision Blizzard acquisition, Microsoft’s gaming division eliminated 1,900 positions.
Google cut ~12,000 jobs in 2023, affecting ~6% of its workforce. Meta, since November 2022, fired ~21,000 employees, accounting for 25% of its staff. Amazon.Com Inc AMZN eliminated 27,000 roles in 2023.
GOOGL stock surged over 30% in the last 12 months. Investors can gain exposure to the stock through SPDR S&P 500 SPY and iShares Global Comm Services ETF IXP.
Price Action: GOOGL stock traded lower by 3.76% at $192.68 premarket at the last check on Monday.
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