Google Shares Lose More Than $100 Billion Due to ChatGPT
The market value of Google’s parent company’s shares dropped by more than $100 billion on Wednesday as a result of the Bard chatbot advertisement providing incorrect information and the AI search event’s lack of information regarding how it will respond to Microsoft’s ChatGPT challenge, according to analysts.
The mistake in Google’s advertising, which premiered on Monday, about which satellite first took images of a planet outside of the Earth’s solar system, was first brought to light by Reuters. The parent company Alphabet’s shares, which were among the most actively traded on U.S. exchanges, decreased 8%, or $8.59 per share, to $99.05.
A few hours before the Bard launch event in Paris, the tech giant tweeted a brief GIF video of Bard in operation, portraying the chatbot as a “launchpad for curiosity” that would help demystify complicated themes. However, Bard gave an incorrect response.
They’re heavily punishing the company for this glitch, which is understandable given that everyone is eager to see how Google will battle Microsoft’s upcoming release of a respectable product “said Triple D Trading’s founder and market structure expert, Dennis Dick.
One day prior to Google’s event, Microsoft announced intentions to incorporate the competing AI chatbot ChatGPT into its Bing search engine and other businesses, posing a serious threat to Google, which has long surpassed Microsoft in terms of search and browser technology.
What recent findings from the James Webb Space Telescope (JWST) can I share with my 9-year-old? is the advertisement’s prompt for Bard.
Bard offers several responses, one of which claims that the JWST was used to capture the first images of exoplanets, or worlds outside the solar system. This is untrue, as NASA has confirmed that the Very Large Telescope (VLT) of the European Southern Observatory took the first images of exoplanets in 2004.
“This underlines the significance of a thorough testing process, something we’re launching off this week with our Trusted Tester programme,” a Google official told Reuters.
“To ensure that Bard’s responses reach a high standard for quality, safety, and groundedness in real-world knowledge, we’ll combine external feedback with our own internal testing.”
The mistake was discovered hours before the debut in Paris, where senior executive Prabhakar Raghavan predicted that customers will interact with content in “completely new ways” thanks to the technology.
On Wednesday, Raghavan outlined Bard as the company’s future, telling the audience that “the only limit to search will be your imagination” thanks to generative AI.
Due to Google’s recent struggles to catch up in the search market, yesterday’s release was rushed, which contributed to the humiliating incident of posting the incorrect response during their demo “the senior software analyst at D.A. Davidson, Gil Luria, stated.
The advertisement garnered more than a million views on Twitter as of the time of writing.