AI SOFTWARE GEMINI PUSHES GOOGLE SHARES UP
As fierce competition in the big tech sector and escalating investor hype make the adoption of artificial intelligence (AI) an increasingly risky proposition, Google is making significant progress with its latest AI software model, Gemini. Alphabet, Google's parent company, saw its shares rise 4.8% to $136.25 early last quarter - a welcome relief felt throughout the company, which is well aware of the potential volatility of AI product debuts.
Earlier this year, Alphabet suffered a significant loss of $100 billion in market value in a single day after a not-so-successful presentation in support of its Bardo chatbot. The event, hastily planned ahead of Microsoft's Bing Chat announcement, failed to meet investor expectations essentially due to a perceived rush and lack of preparedness. Despite this setback, Google appears to be gradually regaining its position as a major player in the global AI competition based on the recent public acceptance of Project Gemini.
Google has announced three versions of Gemini that are designed for different applications. The company is putting the finishing touches on Gemini Ultra, the most powerful version considered the flagship of the series. Security checks and software revisions are currently underway, with an anticipated launch date of early 2024.
In the meantime, the mid-level version, Gemini Pro, promises to function across a variety of tasks. Google has already integrated it into its Bardo chatbot to assist in providing some answers. At the smaller end of the spectrum is Gemini Nano, designed specifically for use on local devices such as smartphones and laptops.
So the Gemini video unfortunately turned out to be very "rigged" and I expect the market will give Google a fair bit more of a hard time about it. It reminds me a bit of Nikola letting her car go downhill and I'm surprised they need this. Are they that scared of OpenAI?