Alphabet (GOOGL) Stock Crashes on Bard-AI Mess Up

Google’s Bard AI

Alphabet, the parent company of Google, recently saw a significant drop in its stock prices after its Bard AI chatbot made an error in a new advertisement. In a video posted on Twitter, Google demonstrated its LaMDA conversational AI service, which powers Bard and allows the chatbot to engage in natural conversations. However, the advertisement was met with a significant setback after Bard provided an incorrect answer to a question.

The advertisement showed Bard being asked “What new discoveries from the James Webb Space Telescope can I tell my 9-year old about?” The AI quickly rattled off two correct answers, but its final response was incorrect. Bard claimed that the telescope took the first pictures of a planet outside our solar system, but in reality, those pictures were taken by the European Southern Observatory’s Very Large Telescope, according to NASA records.

Google stock dropped by almost 8% to 99.21 following the error, while Microsoft, a major stakeholder in AI competitor OpenAI, also saw modest losses. OpenAI operates the ChatGPT chatbot, which has recently gone viral, and Microsoft announced a multi-billion-dollar investment in the company on January 23. The tech giant also unveiled a new version of its Bing search engine, powered by the same AI technology used by ChatGPT, in a bid to catch up with Google’s dominant position in the market.

China-based Baidu also saw a 5% drop after announcing plans for its own AI-powered chatbot. Meanwhile, e-commerce giant Alibaba announced that it is working on its own AI-fueled chatbot, and its stock saw a slight drop.

While AI-powered chatbots are becoming increasingly popular and sophisticated, the recent incident with Bard demonstrates the potential dangers of AI errors and their impact on stock prices. This highlights the importance of continued investment in AI research and development to ensure the technology’s reliability and accuracy in the future.

AI has the potential to revolutionize the way we interact with technology, but it is crucial that companies like Google and Microsoft continue to develop and refine their AI systems to prevent errors and build trust in their technology. As AI becomes more integrated into our daily lives, it is crucial that it remains reliable and trustworthy, and companies must prioritize these qualities to ensure the technology’s continued growth and success.

GOOGL Stock Price Forecast & Analysis

Alphabet Inc Class A, the parent company of Google, is expected to see positive growth in the near future according to stock forecasts from 36 analysts. The average analyst target price for Alphabet Inc Class A is estimated to be USD 129.89 in the next 12 months, with an average rating of Strong Buy.

This bullish sentiment is reflected in Stock Target Advisor’s own analysis of Alphabet Inc Class A, which is Slightly Bullish based on 9 positive signals and 4 negative signals. The positive signals indicate that Alphabet Inc Class A’s stock price is likely to see upward growth in the future, while the negative signals suggest some potential challenges that may impact the stock price.

Despite the challenges, Alphabet Inc Class A has shown recent growth, with its stock price increasing by +8.90% over the past week and +23.24% over the past month. This is in contrast to the past year, where the stock price saw a decrease of -22.67%. This suggests that Alphabet Inc Class A’s stock price is currently in a period of growth and may continue to see upward momentum in the future.

 

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