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Alphabet soars as Wall Street cheers arrival of AI model Gemini

Dec 08, 2023 - internetretailing.com.au
Alphabet, Google's parent company, has launched Gemini, a new artificial intelligence model that has the potential to compete with Microsoft-backed OpenAI. The AI system, which can process different forms of media such as video, audio, and text, has been praised by Wall Street, leading to a 5.3% increase in Alphabet shares. The launch of Gemini comes at a time when users of OpenAI's ChatGPT have raised concerns about the quality of its output, providing an opportunity for Google to gain momentum in the AI field.

Despite this, Alphabet still lags behind Microsoft in terms of AI-driven cloud revenue. While Microsoft has targeted big businesses with its AI offerings, Google has focused on startups. However, the introduction of Gemini technology into Google's Bard chatbot and plans to roll out its most advanced version through Bard next year could potentially boost Alphabet's position in the AI market.

Key takeaways:

  • Alphabet's shares increased by 5.3% following the launch of its new artificial intelligence model, Gemini, which is expected to compete with Microsoft-backed OpenAI.
  • Gemini is faster than OpenAI's latest model and can process different forms of media such as video, audio, and text. It is available in three versions, each designed to use a different amount of processing power.
  • The launch of Gemini has added over $80 billion to Alphabet's market value, contrasting with a nearly $100 billion selloff in February after its Bard chatbot shared inaccurate information.
  • Despite the launch of Gemini, Alphabet still trails Microsoft in the race for AI-driven cloud revenue, with Google Cloud's growth slowing to a near three-year low in the September quarter.
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