Home Business & Economy Google Parent Alphabet Loses Over $100 Billion Market Cap

Google Parent Alphabet Loses Over $100 Billion Market Cap

Alphabet shares fell 8 per cent on Wednesday and lost $100 billion in market value after its new chatbot showed inaccurate information in a promotional video

by News Desk
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Alphabet shares nosedived on Wednesday as the parent company of Google lost $100 billion in market value on Wednesday after its new chatbot, Bard, showed inaccurate information in a promotional video. The AI-powered ChatGPT failed to impress at the event triggering worries that the Google parent is losing ground to its rival Microsoft.

Alphabet shares fell 8 per cent or $8.59 per share to $99.05 and remained one of the most actively traded on US exchanges, reported news agency Reuters.Analysts raise concerns saying its AI search event lacked details on how it will answer Microsoft’s ChatGPT challenge.

The tech company shared a short GIF video of Bard in action through Twitter describing the chatbot as a “launchpad for curiosity” saying it would help simplify complex topics. However, it ended up showing an inaccurate answer that came to notice just hours before the launch event for Bard in Paris.

The ad shows Bard, which was asked, “What new discoveries from the James Webb Space Telescope (JWST) can I tell my 9-year-old about?” Bard responded with a number of answers starting from suggesting the JWST was used to take the very first pictures of a planet outside the Earth’s solar system, or exoplanets.


It is to be noted that the first pictures of exoplanets were, however, taken by the European Southern Observatory’s Very Large Telescope (VLT) in 2004, according to NASA.“This highlights the importance of a rigorous testing process, something that we’re kicking off this week with our Trusted Tester program,” said a Google spokesperson. “We’ll combine external feedback with our own internal testing to make sure Bard’s responses meet a high bar for quality, safety and groundedness in real-world information.

”Google’s launch came a day after Microsoft unveiled plans to integrate its rival AI chatbot ChatGPT into its Bing search engine and other products in a major challenge to Google, which for years has outpaced Microsoft in search and browser technology.

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