On Wednesday, Alphabet Inc.’s market value dropped by $100 billion as a result of its new chatbot giving inaccurate information in a promotional video and a subpar corporate event, fueling worries that Microsoft Corp. rival is closing the gap on Alphabet Inc.
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Alphabet shares dropped as much as 9% during regular trading, with volumes nearly tripling the 50-day moving average. After hours, they almost had no losses and actually reduced their losses. After losing 40% of its value last year, the stock has gained 15% this year, losses on Wednesday included.
There was a factual error in Google’s advertising for the chatbot Bard, which debuted on Monday, regarding which satellite first photographed a planet outside of our solar system. Reuters was the first to find this mistake.
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Google has been in disarray since OpenAI, a company in which Microsoft is investing $10 billion, released software in November that astounded users and quickly gained notoriety in Silicon Valley for its startlingly accurate and well-written answers to simple questions.
During its Wednesday morning live-streamed presentation, Google avoided going into specifics regarding how and when it would incorporate Bard into its main search function. A version of Bing search with ChatGPT features had already been made publically available, Microsoft bragged at an event it had held the day before.
