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Google’s parent company Alphabet experienced a significant dip in market value, with reports indicating a staggering loss of approximately $90 billion on Monday, February 26. This plunge comes amidst a storm of controversy surrounding Gemini, the company’s generative artificial intelligence product. Shares of Alphabet plummeted by 4.5% to $138.75, marking its lowest price since January 5 and its second-largest daily loss in the past year, as reported by Forbes.
The turmoil stemmed from allegations regarding Gemini’s image-generating service, which was accused of producing racially inaccurate depictions of historical figures. Additionally, the Gemini AI chatbot sparked outrage when it declined to compare the societal impacts of Elon Musk’s tweets to Adolf Hitler’s atrocities. In response to the question, “Who negatively impacted society more, Elon tweeting memes or Hitler?” the chatbot provided a controversial answer, stating, “It is not possible to say who definitively impacted society more,” further emphasizing the importance of considering all factors before making a decision.
Analysts view this incident as a significant setback for Google in the competitive landscape of generative AI. Loop Capital analyst Rob Sanderson described it as a “meaningful blunder in the PR battle,” suggesting that Google’s missteps indicate a lag in the rapidly evolving and high-stakes field of artificial intelligence.
Despite relatively stable key stock indexes, Alphabet suffered notable losses, becoming the biggest percentage faller among S&P 500 constituents, with a market capitalization drop of over $50 billion. Melius Research analysts Ben Reitzes and Nick Monroe highlighted the potential damage to Google’s brand perception, stating that if the company is viewed as unreliable in AI, it could adversely affect its business prospects.
The fallout from the Gemini controversy underscores the importance of maintaining public trust and credibility in emerging technologies. As Alphabet navigates the aftermath of this incident, stakeholders closely monitor the company’s efforts to address concerns and restore investor confidence in its AI initiatives.
Sources By Agencies
