Bard’s Brain Fart: Google’s AI Chatbot Causes Alphabet to Lose $100 Billion in Market Value
Alphabet Inc saw a decrease of $100 billion in market value on Wednesday (February 8), following a promotional video where its new chatbot shared incorrect information and a company event that failed to impress. This has heightened concerns that the parent company of Google is falling behind its competitor, Microsoft Corp.
Technology Company
- Founders: Larry Page, Sergey Brin
- CEO: Sundar Pichai (2 Oct 2015–)
- Parent organization: Alphabet Inc.
- Founded: 4 September 1998, Menlo Park, California, United States
- Headquarters: Mountain View, California, United States
- Subsidiaries: YouTube, Kaggle, Mandiant, Firebase, Google Nest, MORE
- Formerly: Google Inc. (1998–2017)
Shares of Alphabet plunged as much as 9 percent during Wednesday’s trading session but rose slightly to settle at 7.68 percent lower, while its rival Microsoft shares rose around 3 percent. Despite losing 40% of its value in the past year, Alphabet’s shares had seen a 15% increase since the start of this year, prior to Wednesday’s losses.
Reuters was the first to identify a mistake in Google’s advertisement for its new chatbot, Bard, which was launched on Monday. The error was related to which satellite first took pictures of a planet outside the Earth’s solar system.
Google has been tirelessly working to launch Bard, following the unveiling of ChatGPT by OpenAI, a startup backed by Microsoft, in November. ChatGPT, an AI-powered chatbot, has caused a sensation in the tech industry due to its remarkably human-like responses.
The flaws in Bard were revealed just before Google’s presentation on the cutting-edge AI chatbot. Alphabet had tweeted a brief GIF showcasing Bard’s ability, promising that it would make complex subjects easier to understand.
However, its failure to provide a correct answer led to a sudden decrease in its market value.
In the advertisement, Bard is given the prompt: “What new discoveries from the James Webb Space Telescope (JWST) can I tell my 9-year old about?” To this, Bard generated several answers, one of which incorrectly stated that the James Webb Space Telescope (JWST) was used to capture the initial images of exoplanets or planets outside of our solar system.
However, NASA confirmed that the European Southern Observatory’s Very Large Telescope (VLT) was responsible for capturing the first images of exoplanets in 2004.
“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,” a Google spokesperson said.
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