The day after competitor Microsoft hosted its own event to showcase new AI capabilities in its rival search engine, Bing, shares of Google fell more than 8% when the company touted Bard, a new artificial intelligence chatbot. On Monday, Google formally revealed Bar. The company also stated that it would start rolling out the technology soon.
Google executives talked about some of Bard’s capabilities during the event on Wednesday, which was live-streamed from Paris. The presentation demonstrated how Bard could be used, for instance, to outline the benefits and drawbacks of purchasing an electric automobile or to plot a journey to Northern California.
LaMDA, or Language Model for Dialogue Applications. It is the company’s robust language model that powers Bard. Before making the chat technology more broadly accessible to the general public, Google will make it available to “trusted testers,” the company announced in a blog post on Monday. Several other Google products, including Maps and Google Lens, which enables users to search for images taken by their phone’s camera, also received AI advancements at the event.
Shares of Google fell during the event
During the event, shares of Google fell, indicating that investors were hoping for more given the increasing competition from Microsoft. The day after Google’s event, Microsoft held its AI conference at its Redmond, Washington, headquarters. Microsoft’s event focused on new AI-powered upgrades to its Edge browser and Bing search engine. Users will now be able to receive more conversational answers to their queries on Bing, which comes in a distant second to Google in terms of search. Microsoft has invested billions in ChatGPT producer OpenAI, whose technology was used to build the updated Microsoft products.
AI software called ChatGPT creates text in response to complex written commands. After its release in November, the web-based tool became widely known, leading analysts and Google staff to wonder whether the business needed to catch up in AI, an area that has been a key emphasis for Google. As a result of ChatGPT’s success, the tech firm issued an internal “code red” order to quicken the creation of Bard and other AI products. The company’s co-founders, Larry Page, and Sergey Brin, reportedly re-entered the fray after years of being absent from day-to-day operations.
Analysts claims that Brad is “at least as good” as its rivals
Despite the pressure Microsoft’s most recent AI initiatives put on Google search, some analysts believe it will be some time before Microsoft realizes any substantial advantages.
According to Evercore analysts, Google’s event provided “little incremental news,” which may have contributed to the stock price decline. The analysts claimed this was preliminary and “perhaps rushed” look at the artificial intelligence Google had been developing for years. However, according to analysts, Google’s AI technology is “at least as good” as its rivals.
