“It’s the kind of thing that makes you want to buy stocks, and even though Google is up 36% for the year… I think it has a lot more room to run,” L said. ‘host of’ Mad Money ‘, which holds a favorable outlook on the larger cohort of FAANG stocks.
As part of the partnership with HCA Healthcare, Alphabet’s Google Cloud will work on developing algorithms based on the patient records of the Tennessee-based provider that attempt to improve efficiency and patient outcomes.
“I was waiting for Google to do something big in the health field besides partnering with Dexcom for diabetes analysis. I have been waiting for years. I think that’s it, ”Cramer said.
Cramer acknowledged that previous attempts to disrupt patient care using artificial intelligence, like that of IBM Watson, have failed to live up to their grand ambitions. However, he said he believes Google’s foray could be more successful, in part because the company is working closely with a healthcare provider.
“You have to understand that the healthcare industry has all of these electronic medical records and doesn’t do anything with them,” Cramer said. But harnessing them in a way that generates more empirical data and decreases the reliance on anecdotal evidence would help patients, he added.
“That’s what Google is doing with this program. If it works, it’s a gigantic deal, ”Cramer said.
Shares of Alphabet, parent of Google, rose 0.74% on Wednesday to $ 2,380.31. HCA Healthcare stock was up 0.77%, ending the session at $ 211.83. Shares of the company, with a market capitalization of around $ 71 billion, are up nearly 29% year-to-date.