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Alphabet shares fall 8% following Google’s A.I. event


The Google Bard is seen on a Google blog post featuring the Google logo on a mobile phone. On February 6, 2023 in Brussels, Belgium.

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Shares of parent company Google Alphabet fell more than 8% on Wednesday after the company organize an event to promote a new artificial intelligence chatbot called Bard, a day after competitor Microsoft held its own event to demonstrate new AI technologies in its competing search engine, Bing.

Official Google announced Bard second, confirm CNBC pre-reportand the company says it will begin rolling out the technology in the coming weeks.

During Wednesday’s event, broadcast live from Paris, Google executives discussed some of Bard’s capabilities. The presentation shows how Bard can be used to show the pros and cons of buying an electric car, for example, or to plan a trip in Northern California.

Bard is powered by the company’s LaMDA large language model or Language Model for conversational applications. Google will open the conversation technology to “trusted testers” before making it more widely available to the public, the company said in a statement. blog post Monday.

Shares of Alphabet slipped during the event, suggesting that investors are hoping for more in the face of increased competition from Microsoft.

The Google event takes place just a day later Microsoft hosted its own AI event at its headquarters in Redmond, Washington. Microsoft’s event focused on new AI-powered updates to the company’s Bing search engine and Edge browser. Bing, that’s a far monday ARRIVE Google in search, will now allow users to get more conversational responses to questions.

Microsoft product updates are built on technology from OpenAI, the makers of ChatGPT, where Microsoft has invested billions.

ChatGPT is now artificial intelligence software create text based complex text prompts. This web-based tool went viral after its launch in November, prompting analysts and Google employees to question whether the company has lagged behind in AI, an area that has been a core focus for Google for several years. In response to ChatGPT’s popularity, Google announced an internal “code red” to accelerate development on Bard and other AI products, as well as the company’s co-founders Larry Page and Sergey Brin . report joined again, years after giving up his day job at the company.

Although Microsoft’s latest AI investments increase the pressure on Google search, some Analysts say It will take time for Microsoft to see any significant benefits.

“Search improvements will act as a positive wind to [advertising revenue long term]but it will take time to bring users back to Bing and they will need a crowbar to pry advertisers off Google,” Jefferies analyst Brent Thill wrote in a note Tuesday. “We see these updates as the tip of the iceberg for MSFT’s AI capabilities, with the greatest opportunity in enterprise use cases.”

An analyst at UBS said that if Microsoft hopes to surpass Google, it will have a “mountain to climb”.

–CNBC Jennifer Elias contributed to this report.

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