Google fumbled the opening salvo in its big AI counteroffensive, costing it $100 billion in market value.
Google fumbled the opening salvo in its big AI counteroffensive, wiping out $100 billion of the tech giant’s market value.
What should have been a harmless marketing blunder turned into a Wall Street disaster for Google as investors reacted to the glitch with a bruising selloff. When Alphabet announced Bard, company CEO Sundar Pichai said the new technology “seeks to combine the breadth of the world’s knowledge with the power, intelligence and creativity of our large language models.”
ChatGPt, which was unveiled in November, has turned into a huge hit, sparking a new AI rivalry in which Microsoft has emerged as a strong contender. The Redmond, Washington company recently announced a major partnership with OpenAI, the San Francisco AI company that created ChatGPT. In many ways, the ChatGPT rollout highlighted Google’s weakness on the AI front. “Everybody thought Google was already behind the eight ball on AI,” Allin said. “When the OpenAI news emerged. Google really didn't have an established offering in the market.”
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