12:44 PM EDT, 05/16/2024 (MT Newswires) -- Alphabet-owned (GOOGL, GOOG) Google's ( GOOG ) potential deal to license its Gemini generative artificial intelligence for iPhones may be featured at Apple's ( AAPL ) Worldwide Developers Conference in June, UBS Securities said Thursday in a report.

"We now look to WWDC24 as the next potential catalyst venue" for the deal after the Google I/O annual developer conference concluded with no announcement, UBS said.

As expected, UBS said I/O 2024 highlighted Gemini's capabilities. "It seemed to us that Google ( GOOG ) was more keen this year to thematically and explicitly draw the link between Gemini and practical contextual utility across many of its apps," the report said.

"That Google ( GOOG ) is incorporating Gemini not just within its apps but also within the Android OS in our view underscores the reason why all hardware manufacturers should be weighing working with the company to drive innovation," UBS said.

UBS also said a broader rollout for Google's ( GOOG ) AI Overviews is expected after the US release.

"This broader rollout and what should be more widespread consumer adoption will change the nature of the traffic advertisers will start seeing," the report said.

UBS has a neutral rating on Alphabet and a $173 price target.

Alphabet shares rose 0.9% in recent trading Thursday, and Apple ( AAPL ) gained 0.3%.

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