Did Google Just Release The iPhone Killer?

Google (GOOG) introduced a $999 Pixel 8 pro smartphone at its “Made by Google” event that lets it take aim at the dominance of its U.S. rival Apple (AAPL).

So, What's The Deal With The New Pixel Phones? 

The new device costs $100 more than its predecessor but comes with improved photo and video features, a new temperature sensor, and seven years of software support. Upgrades include a 10.5-megapixel selfie camera and a Night Sight Mode for recording videos.

The phone also touts use of generative artificial intelligence (AI) technology for editing images.1

The new Pixel 8 Pro was the headline act of the event Tuesday that was live-streamed on YouTube to the company's 1.57 million subscribers and other viewers.2

Google Aims Take A Bite Out Of Apple's Share 

Google's new smartphone, equipped with Google's Tensor G3 chip with 12GB of RAM and 1TB of storage, is a direct shot across the bow at the dominance of Apple.

Apple's 6.7 inch iPhone 15 Pro Max—a similar size as the Pixel 8 Pro—costs $1,199, although it also offers the iPhone 15 Plus for $899.34

In the second quarter of 2023, Samsung and Apple had 20% and 17% of the global market share, respectively.5 In the U.S. Google had 3% of smartphone shipments compared with Apple's 55%, according to Counterpoint Research.6

Google also brought a smartwatch into the market last year and Wednesday unveiled the Pixel Watch 2, which will run on a Qualcomm Snapdragon chip.7The company also produced another Apple challenger with its Pixel Buds Pro earphones.

Apple suffered a setback with the September launch of its iPhone 15 model after users reported a problem with overheating. The company said that was due to iOS17 bugs and delivered a fix Wednesday coinciding with the Google launch.8

Michiel van Eldik, Google's vice president for devices in Europe, told PA Media that the company's AI offerings could be a game-changer for the company. He said Google was “miles ahead” of its rivals in that department and that Google could gain market share as it is “not only about the phone.”

Originally published on Investopedia.com