Have you ever imagined what could happen if a single person’s mistake cost a company a staggering $100 billion? Well, that’s exactly what happened when Google’s parent company Alphabet faced a loss of that magnitude due to a wrong answer by their AI system, Bard on Wednesday.
Google, the world’s largest search engine, is known for providing accurate and relevant information to its users. However, on Wednesday, the company faced a major loss of $100 billion due to a mistake made by its AI language model, Bard on its first demo
What is Bard and how does it work?
Bard is a deep-learning AI bot and an experimental conversational AI service that would provide fresh, high-quality responses to support creativity and curiosity. Bard is get trained on a massive amount of text data, allowing it to understand the meaning and context of words in a sentence. It works with online available data and AI together to give us a perfect answer. Bard AI is an answer to Chat GPT from Google.
What caused the $100 billion loss for Google?
The debut of Google’s latest AI creation, Bard, was met with disappointment when Reuters pointed out an error in the chatbot’s answer. The mistake, which occurred in an advertisement that debuted on Monday, concerned which satellite was the first to capture images of a planet outside of Earth’s solar system. The error caused a significant drop in the shares of Google’s parent company, Alphabet, which fell 8% or $8.59 per share, down to $99.05. The impact was so significant that it became one of the most actively traded stocks on U.S. exchanges. This incident highlights the importance of thoroughly testing and verifying AI systems before their official release to the public.
The mistake made by Bard had a significant impact on Google’s reputation as a reliable source of information. The company faced criticism from users and industry experts who questioned the reliability of AI systems and their potential to cause harm. In addition to the damage to its reputation, the $100 billion loss had a major financial impact on the company.
Background
This year, artificial intelligence technology has gained immense attention from investors, particularly with the launch of ChatGPT by OpenAI in November. This move has helped the company achieve an impressive valuation of $29 billion. Just a day before Microsoft’s press conference to highlight their investment in OpenAI, which has contributed to a 20% increase in the tech giant’s shares over the past month, Alphabet made the announcement of Bard. According to Ives, this is only the beginning of the AI revolution.
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