Alphabet's Google takes on Amazon with new smart speaker

Alphabet's ( GOOGL) Google kicked off its I/O developers conference yesterday. While analysts and consumers alike want to hear about developments such as a virtual reality device to rival Facebook's ( FB) Oculus Rift headset and new and improved artificial intelligence software, the unveiling of another new gadget took over the headlines and has the potential to bring in some exciting profits for investors. Google Home is a "smart speaker" designed to compete with the Amazon (AMZN) Echo. The Echo, a voice-intelligent personal assistant, has been one of Amazon's biggest sleeper hits. Building on the sort of technology that powers the Apple (AAPL) iPhone Siri system, the Echo is a touch-free device that can answer questions and perform commands from switching on Spotify to turning on the house lights.