Alphabet has lost $100 billion in market value after Google’s new chatbot Bard shared false information in a promotional video. Shares of Microsoft, rival of Google’s parent company, also rose 3% on the same day and remained flat in post-market trading.Bard’s error was discovered just before the presentation by Google. Alphabet posted a short GIF video of Bard in action on Twitter, promising to help Bard simplify complex topics, but Bard reportedly gave the wrong answer.
The ad asked Bard what he could say about the discoveries made by the James Webb Space Telescope. Bard said the JWST was used to take the first pictures of an exoplanet or exoplanets of Earth, but the first pictures of exoplanets were taken by the European Southern Observatory’s very large telescope (VLT) in 2004, as confirmed by NASA.
A spokesperson for Google said, “This highlights the importance of the rigorous testing process we started this week with our Trusted Tester program. We will combine external feedback with our own internal testing to ensure Bard’s responses meet a high bar for quality, reliability and robustness.” said.
Alphabet shares fell
This mistake made by artificial intelligence reduced Alphabet shares by as much as 9%. This means a loss of $100 billion for the company. The stock had lost 40% of its value last year but has risen 15% since the start of this year, excluding losses on Wednesday. Alphabet exits a disappointing fourth quarter as advertisers slash spending. The search and advertising giant is moving fast to keep up with OpenAI and its other competitors, and it’s reportedly co-founders Sergey Brin and Larry Page are making a big effort.
Bing has already integrated ChatGPT
Google didn’t share details on when and how it will integrate Bard into core search functionality in its live presentation Wednesday morning. However, Microsoft announced at its event a day ago that a version of ChatGPT functions are already integrated into the Bing search engine.
According to King Lip, chief strategist at Baker Avenue Wealth Management, which owns Alphabet and Microsoft stock, people are starting to question whether Microsoft will be a tough competitor to Google. Lip thinks Bing’s search capabilities lag far behind Google’s.
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