Google Pixel can record videos at up to 4K resolution. On the Pixel User Community, Isaac Reynolds who is on the Google camera product team mentioned that the Google Pixel will have an Electronic Image Stabilization (EIS) when recording video clips at 4K resolution. Just in comparison, the Nexus 6P had 4K video recording and EIS, but the device didn't support it in 4K.
I just want to remind you that the Pixel phones don't employ an optical image stabilization and the EIS was designed to compensate for hand movement and product less shaky videos. OIS can help in solve that as well, including improving the low-light performance of the phone's camera, but from what I've read in the original post, OIS can also result in some negative effects like increasing motion blur within a frame and it because of its size, it doesn't a great fit for a phone with very thin profile.
I personally wouldn't mind my phone to have a bump at the back and have OIS, and regarding the motion blur mentioned, they could give us the option to turn it off when recording videos, it's an electronic device after all.
Overall it's great to hear that our 4K videos will be stabilized and will look stable and sharp.
You can read the original post on Pixel User community here.