Alphabet Loses 7% in Stock Value After Google AI Event

John Doe
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Google- Alphabet

KEY POINTS

  • Alphabet Stock Drops After Sharing a New AI Chatbot with Everyone.
  • Google Introduces Bard and Will introduce it Soon.
  • Google Has AI Event One Day After Microsoft’s in Washington.

Alphabet Inc. saw a decrease of $100 billion in market value on Wednesday. This resulted from a promotional video that featured inaccurate information shared by the company’s new chatbot, Bard, and a lackluster event that could have impressed. This setback has raised concerns about Alphabet falling behind rival tech giant Microsoft Corp.

Introduction Of Bard

Google Showcases the Uses of AI Chatbot Bard in Livestream Event Held in Paris, Covering Topics such as Electric Cars and Trip Planning.

Bard, Google’s New AI Chatbot, Runs on LaMDA Language Model and Will Be Available to Trusted Testers Before Wider Release. The event Also Reveals AI Upgrades for Google Maps and Google Lens.

A Bad Start

Google Faces Competition from OpenAI, a Startup Backed by Microsoft with a $10 Billion Investment, Who Released AI Software in November that Impressed Consumers with its Accurate and Well-Written Responses to Simple Prompts.

Google’s Wednesday Presentation Lacks Information on Integrating Bard into its Core Search Function. Meanwhile, Microsoft Showcases the Release of Bing Search with ChatGPT Integration to the Public.

This information error was noticed by many and resulted in concerns that Google’s AI technology may not be as advanced as it was touted to be. This led to a drop in Alphabet’s shares, while competitor Microsoft saw a rise in their shares. These events have sparked discussions in the technology industry about which company is leading the AI race.

Alphabet Inc.’s Shares Decreased by More Than 7% Following the Event, Whereas Microsoft Corporation’s Shares Experienced a Rise of around 3% on Wednesday.

Analysts at Evercore noted that the event held by Google on Wednesday failed to deliver significant new information. They speculated that the early and seemingly rushed presentation may have contributed to Alphabet’s stock price drop. However, analysts still believe that Google’s artificial intelligence technology is comparable to its competitors.

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