Alphabet rises as Wall Street cheers AI efforts at annual developer event

Shares of Google-parent Alphabet GOOGL.O climb ~5% to $172.15

Google touted a flurry of AI developments at its annual I/O developer event on Tuesday

Company expands 'AI Mode' to all U.S. users, announces a $249.99-a-month subscription that would provide users with higher limits on AI and early access to experimental tools

GOOGL also says its AI assistant Gemini app now has more than 400 mln monthly active users

With more sessions lined up for Wednesday, the conference showed "clear progress on multiple fronts" - brokerage Evercore

"We don't believe there will be only one AI winner, but we think Google has successfully proven that it will remain a leader in the AI race" - Evercore analyst Mark Mahaney

The conference "lived up to expectations of a flurry of AI efforts" - Rosenblatt analyst Barton Crockett writes

YTD, GOOGL shares have fallen ~8%, including session's move