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Alphabet Introduces Intrinsic, Its Robot Software Company

Alphabet's secretive research unit will launch Intrinsic, a new robotics software and artificial intelligence company.
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Alphabet's  (GOOGL) - Get Alphabet Inc. Class A Report secretive research unit will launch Intrinsic, a new robotics software and artificial intelligence company. 

Intrinsic develops software tools to make industrial robots that can be used to work on an array of products from solar panels to cars. The unit has been incubating its technology in Google's secret research unit, X, for five years. Google is a subsidiary and main operating unit of Alphabet.

"We're now ready to become an independent Alphabet company, leaving the moonshot factory's rapid prototyping environment to focus on developing our product and validating our technology," said Intrinsic CEO Wendy Tan White in a statement.

The team at Intrinsic has been exploring how to give industrial robots the ability to learn as they are completing tasks, as opposed to needing a human programmer to tell them how to do everything. That has been the industry norm for decades, according to Intrinsic. 

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Alphabet got a boost earlier Friday after analysts at Credit Suisse increased their price target on the stock ahead of the company's second-quarter earnings release that is scheduled for next week. 

Analyst Stephen Ju maintained his outperform rating on Alphabet shares while raising his price target by 21.5% to $3,350 a share, citing the impact of new product launches as the catalyst for his improved outlook. 

Shares of Alphabet were rising 2.6% to $2,635.45 on Friday.

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