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Google loses over $100 billion market value after AI chatbot Bard provides a false response

After its AI-equipped chatbot, Bard, presented false information in a commercial on Wednesday, Alphabet shares fell 7.68% to $99.37, wiping off more than $100 billion from its market value.

India TV Business Desk Edited By: India TV Business Desk New Delhi Published on: February 09, 2023 13:03 IST
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Image Source : GOOGLE Google loses over $100 billion market value

The market value of Google's parent company Alphabet dropped by more than $100 billion after its newly-launched AI chatbot Bard presented incorrect information in the commercial. Analysts also criticized its AI search event for lacking information on how it will respond to Microsoft's ChatGPT challenge.

Just hours before Bard's launch ceremony in Paris, Reuters called attention to an inaccuracy in Google's advertisement, which led to a sell-off in the company's stock.

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A GIF clip from the tech giant’s Twitter post shows a user asking Bard about the new findings from the James Webb Space Telescope (JWST). The chatbot replied that the JWST was the first to take images of a planet outside of our solar system. However, that's not accurate.

On Wednesday, Alphabet shares began trading lower at $102.05 per share, compared to their previous closing price of $107.64 on the NASDAQ. The tech company had a significant decrease throughout the day, falling as much as 8.9% to reach an extreme low of $98.04 on high volume that reached over three times the 50-day moving average. After losing more than $100 billion in market capitalization, the share ultimately finished 7.68% lower at $99.37.

ALSO READ: ChatGPT to face competition with its new Google rival ‘Bard’: Know everything

Google's event comes one day after Microsoft announced intentions to include its competing AI chatbot ChatGPT into its Bing search engine and other products, posing a significant threat to Google, which has long outperformed Microsoft in terms of searching and browsing capabilities.

FAQs.

1- What is Bard?

Bard is a conversational AI service developed by Google and powered by LaMDA (Language Model for Dialogue Applications).

2- What distinguishes Bard from ChatGTP?
Bard makes use of internet data while ChatGPT has information till 2021.

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