Thursday, February 22, 2024
header image
HomeArtsDid the Market Overreact to Google's Bard AI Presentation?

Did the Market Overreact to Google’s Bard AI Presentation?

In a Market Overreact to Google’s Bard AI Presentation attempt to counter Microsoft Inc.’s (NASDAQ: MSFT) presentation of the integration of OpenAI ChatGPT with its applications, search engine giant Alphabet Inc. (NASDAQ: GOOG) owned Google hastily unveiled their Bard AI chatbot. The market gave its verdict when MSFT stock climbed while GOOGLE stock plummeted.

Investors ponder where the dramatical sell-off in GOOGLE shares may be an overreaction. The contrast between the presentations was night and day. While Microsoft may have gotten the lead in the AI wars, analysts have said that Market Overreact to Google’s Bard AI Presentation has the edge with 90% of searches. It has the most robust data needed to power and improves AI technology.

Microsoft’s Event Market Overreact to Google’s Bard AI Presentation

Microsoft held an event on Feb. 7, 2023, showcasing the integration of OpenAI ChatGPT into its Bing search engine and Edge browser. Microsoft provided demonstrations of the added value AI brings to searches and browsing. One demonstration showed Bing could pull a 16-page earnings report for the Gap, Inc. (NYSE: GPS).

It then asked the AI to point out the key takeaways from the report, which it performed by posting bullet points.

It was an enhanced version of ChatGPT, as the current free version doesn’t provide specific financial data. When asked about the latest GPS earnings report, it responded, “I’m sorry, but I don’t have information on the latest earnings report for GPS. It’s important to note that my training data only goes up until 2021, and I do not have real-time information on financial data such as earnings reports.”

Market Overreact to Google’s Bard AI Presentation Google’s Hasty Retort 

On Feb. 8, 2023, Google gave a live presentation from Paris, France, revealing its own AI chatbot, Bard. Market Overreact to Google’s Bard AI Presentation described its AI conversation technology LaMDA but gave very few demonstrations of Bard at work. In an embarrassing moment, a presenter was caught off guard when trying to demonstrate Bard on a smartphone but nervously laughed, “We’re missing the phone… We can’t find the phone.”

This set the tone for a hasty demo. They covered augmented reality with Market Overreact to Google’s Bard AI Presentation Maps and somehow linked it to being AI-powered during a demo of someone trying to find a coffee shop. There was very little in terms of seeing Bard AI in action, just promises of innovations.

Bard AI Advertisement Disaster

Google released an advertisement demonstrating the Bard chatbot hours before the live Paris event. The ad shows Bard answering the question, “What new discoveries from the James Web Space Telescope (JWST) can I tell my 9-year-old about?” Bard’s responded with several answers. However, it’s botched the last answer “JWST took the first pictures of a planet outside of our own solar system.

These distant worlds are called “exoplanets.” Exo means “from outside” NASA confirmed this to be false, and the actual first pictures of exoplanets were taken in 2004 by the European Southern Observatory’s giant telescopes. That started the stock collapse, which continued for the next two days. The reaction appears to be overdone, but a falling market will mute any bounce attempts

Daily Cup and Handle Breakout Retracement

The daily candlestick chart on GOOGLE illustrates a daily cup and handle breakout. GOOGLE formed the lip line on Dec. 13, 2022, as shares fell from $99.53 to a low of $84.86 on Jan. 6, 2023. Shares formed a rounding bottom and staged a rally on the daily market structure low (MSL) buy trigger breakout through $90.22.

The lip line was retested on Jan. 23, 2022, before pulling back to $94.42, forming the handle low. GOOGLE eventually broke out through the lip line on Feb. 1, 2023, with a large gap opening at $105.80 on its earnings release and anticipation of the AI event from Paris.

Read also- 5 takeaways from Biden’s State of the Union and the Republican response

RELATED ARTICLES
sidebar

Most Popular