Alphabet announced its first-ever dividend of 20 cents per share while investing billions in data centers for generative AI, aiming to compete with other tech giants.
Alphabet's stock surged 13% after the dividend news, coupled with beating revenue estimates of $78.59 billion by reporting $80.54 billion for the first quarter.
Google Cloud's revenue increased by 28% in Q1, driven largely by the growing interest in generative AI tools which rely on the cloud for their operation.
Google's cloud services appeal to startups working on generative AI due to cost-effectiveness and seamless integration with other necessary tools.
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