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.
Bard chatbot shows inaccurate information costing Google more than $100 bn in market value
The error in Google’s advertisement, which launched on Monday, about which satellite first captured images of a planet outside of the 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.
Dennis Dick , founder and market structure analyst at Triple D Trading said,
“This is a hiccup here and they’re severely punishing the stock for it, which is justified because obviously everybody is pretty excited to see what Google’s going to counter with Microsoft coming out with a pretty decent product,”
Microsoft unveils plans integrate its AI chatbot ChatGPT into its Bing search engine
The announcement by Microsoft that it will include its competing AI chatbot ChatGPT into its Bing search engine and other products the day before Google’s event was a significant challenge to Microsoft, which has long lagged behind Google in terms of search and browser technology.
In the Reuters ad, Prompt which Bard stumbled
In the ad; Bard is given the prompt: “What new discoveries from the James Webb Space Telescope (JWST) can I tell my 9-year old about?”
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 because, as NASA has confirmed, the Very Large Telescope (VLT) of the European Southern Observatory took the first images of exoplanets in 2004.
Google scrambling to catch up
Google spokesperson told reporters
“This highlights the importance of a rigorous testing process, something that we’re kicking off this week with our Trusted Tester program.”
“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.”
At Paris launch , senior executive Prabhakar Raghavan promised users that it’s a technology to interact with information in “entirely new ways”
Raghavan presented Bard as the future of company, telling audience members that by using generative AI, “the only limit to search will be your imagination”.
Gil Lauria, senior software analyst at D.A Davidson
“Google has been scrambling over the last few weeks to catch up on search and that caused the announcement yesterday to be rushed and the embarrassing mess up of posting a wrong answer during their demo,”
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