Google parent Alphabet's shares tumbled 7.7% on Wednesday after concerns surfaced about Bard, ChatGPT's rival
“For a stock like Google to get knocked down this much, it just shows you that people aren’t even looking at the fundamentals,” said Matt Maley, chief market strategist at Miller Tabak + Co.
The drama around Alphabet was in stark contrast to Microsoft, whose presentations about how it’s incorporating OpenAI’s popular ChatGPT technology into products like its Bing search engine helped send its stock up 4.2% on Tuesday. Analysts’ enthusiasm was muted, with Morgan Stanley saying it can be difficult and expensive to get consumers to change their behavior when it comes to search and browsing.
Chinese tech companies like Baidu Inc., Alibaba Group Holding Ltd. and NetEase Inc. have also announced plans to expand AI capabilities,Despite Alphabet’s stumble, it’s far too early in the race for generative AI and the development of business models around it to declare a winner, according to Bill Stone, chief investment officer at Glenview Trust Co.
“There is obviously a worry that Alphabet will lose its edge in search, just because it is so dominant there and there’s a lot of money in search, but it still has the tools to compete,” he said. “We own both Microsoft and Alphabet and think both have the ability to be leaders in the field.”
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