The shares of Google’s parent company Alphabet declined more than 7% following an event of company to promote its new AI-powered chatbot called Bard.
Google publicly announced AI-powered Bard recently and expressed that it will begin to roll out the AI-powered Bard technology in the next few weeks.
At event in Paris, Google discussed some of the capabilities of Bard. The presentation showed that how Bard can be used in various ways.
Google’s Bard is powered by Language Model for Dialogue Applications or LaMDA. The company said that it will open this conversational technology to trusted testers before making it available to the public.
The event also displayed AI improvements in different Google products.
Shares of Alphabet declined during the event, indicating that investors are expecting more from the company in light of increasing competition from Microsoft.
Recently Microsoft also introduced new AI-powered updates to its Bing search engine and Edge browser. Bing search engine will allow users to get more conversational responses to queries.
The Microsoft product updates are built on ChatGPT technology. Microsoft has invested multibillion dollars in ChatGPT-maker OpenAI.
Analysts at Evercore stated, “There was little incremental news from Google’s event, which may have contributed to the falling stock price. This was an early and a perhaps rushed look at the AI Google has been working on for years.”
Analysts also added, “Google’s AI technology is at least as good as its competition. Leveraging its years of AI investment and unparalleled scale, this should help the company defend its market position in the long run.”