Google is set to introduce its latest AI model, Gemini 3.2 Flash, at the I/O 2026 conference on May 20. The new model is designed to compete with OpenAI's GPT-5.5, achieving approximately 92% of its performance in coding and reasoning tasks. Notably, Gemini 3.2 Flash significantly reduces inference costs to one-fifteenth to one-twentieth of GPT-5.5's, with query latencies mostly under 200 milliseconds. The model's development leverages Google's advanced distillation and sparsification techniques, allowing it to maintain high performance while being more resource-efficient. Early leaks and tests suggest that Gemini 3.2 Flash excels in creative coding tasks and surpasses its predecessor, Gemini 3.1 Pro, in certain benchmarks. This launch positions Google as a strong contender in the AI space, challenging both OpenAI and Anthropic's offerings.