Key takeaways
- Google has unveiled that healthcare provider Mayo Clinic will be the first to trial its Enterprise Search feature for building customized AI chatbots
- The search engine giant has made a string of AI-related moves to catch up with Microsoft’s early headstart
- Google stock is now outperforming Microsoft this year and is up 39% in 2023 after a difficult week for the tech market
There have been a truly dizzying amount of AI announcements in the last few months, especially once Google got off the benches and into the game. Its latest venture is with Mayo Clinic, where the company will be trialing Google’s new Enterprise Search feature that was announced earlier this week.
The move sparks renewed interest in how AI could have the ability to overhaul healthcare as we know it, making life easier for workers and patients alike. That’s why so much investment is pouring into the possibilities – and investors should take note of the opportunities that abound. Here’s the lowdown.
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What have Google and the Mayo Clinic announced?
On Wednesday, Google Cloud revealed its expanded partnership with healthcare provider Mayo Clinic to provide the company with new generative AI tools to create customized chatbots.
Mayo Clinic confirmed it was testing a new service called Enterprise Search on Google’s Generative AI App Builder, which was unveiled this week. The program lets companies create their own chatbots to sift through masses of data while remaining HIPAA compliant.
The Mayo Clinic has previously partnered with Google: in 2019, it announced a 10-year partnership with the Big Tech giant on cloud computing, data analytics and machine learning. Mayo Clinic is one of the earliest adopters of the tech, which could make healthcare admin tasks like finding medical histories, lab results, or x-ray records a cinch for healthcare workers – even across different locations.
Thomas Kurian, Google Cloud’s CEO, said the Mayo Clinic was a “critical partner” in “[identifying] responsible ways to bring this transformative technology to healthcare”. Aashima Gupta, global director of health care strategy and solutions at Google Cloud, emphasized how the company is taking a “safety over speed” approach by working with select partners like Mayo Clinic instead of rolling out the tech widely.
How could AI impact health tech?
Global healthcare is one of the fields that urgently needs workers and suffers from administrative overload. The World Health Organization has previously stated 50% of all medical errors in primary care are down to admin; there’s also predicted to be a shortage of 10 million healthcare professionals by 2030.
Artificial intelligence can potentially transform the healthcare sector for workers and patients alike. In his open essay back in March about the benefits of AI, Bill Gates said AI could help with reducing administrative burden, help improve medical processes in underdeveloped countries and even help patients with basic triage before seeing a medical professional.
The World Economic Forum has said AI could improve clinical decision-making, managing the risks around global pandemics and personalized care, among others. These could all benefit a rise in mental health issues, chronic diseases and an aging population, according to the WEC.
From an investment perspective, Morgan Stanley has put AI as a potential $6 trillion market opportunity for companies to capitalize on. Goldman Sachs’ AI report had a similar figure, predicting a 7% increase in global GDP in ten years if AI continues to develop at pace.
In short, there’s a lot of research on how AI can significantly positively impact healthcare in the coming future – and a lot of investment is being poured into the space to make that a reality.
What else has Google announced lately to do with AI?
At the start of the year, Microsoft appeared to have the jump on Google, which has been an early pioneer in machine learning and artificial intelligence. Now, the search engine titan has clawed its way back.
Now we’re seeing Google AI updates almost every day, with the latest few announcements focusing on free generative AI courses to upskill workers, its AI chatbot Bard transitioning to a more advanced PaLM 2 machine learning model and Google search, an integral part of the business, getting an AI overhaul.
It’s also been amping up its messaging on developing AI safely and ethically after Dr Geoffrey Hinton, a former Google employee and one of the ‘godfathers of AI’, quit the company to raise awareness about AI safety issues. CEO Sundar Pichai recently published an opinion piece in the Financial Times where he said “AI is too important not to regulate, and too important not to regulate well”.
Google’s stock price this week
It’s not been the best week for the tech market, thanks to ongoing market uncertainty led by disappointing economic results in China and investors nervously waiting to see if the Fed wants to push another interest rate hike in the next week.
Alphabet’s share price has dropped 3.78% in the last 24 hours, in line with other losses from tech stock heavyweights like Microsoft, Nvidia and Meta. The S&P 500 has dropped 0.38% and the Nasdaq has fallen 1.29% in the same period.
Nonetheless, Google stock is still up 13.67% in the last month. Google appears to have regained the upper hand after scrambling to catch up with Microsoft with its OpenAI partnership and firing out new AI developments left, right and center. It’s outperforming Microsoft in 2023, up over 37% compared to Microsoft’s 35% gain.
The bottom line
Google is making massive leaps in the AI sector, with its latest step into healthcare possibly the most profitable and fast-moving partnership in the burgeoning AI world. Wall Street is happy enough with Google’s pace and with a renewed focus on AI safety being promoted to the public, Google’s AI strategy is paying off with the stock price gains this year.
Expect other companies to try and match Google’s pace in the healthcare sector as the industry balloons, given the massive benefits the new tech could provide to industry. For investors, it’s one to keep an eye on.
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