Google-parent Alphabet’s Shares Soar Following Unveiling Of New AI Model

Google-parent Alphabet’s unveiling of its latest artificial intelligence model, Gemini, propelled its shares 5.3 per cent higher in Thursday's trading session. Wall Street is abuzz with optimism, hailing Gemini as a formidable competitor to Microsoft-backed OpenAI and a potential game-changer in the race for AI supremacy.

Alphabet, long regarded as a pioneer in AI research, saw a shift in the spotlight with the meteoric rise of OpenAI's ChatGPT last November. The launch of Gemini is supposedly poised to reclaim Alphabet's dominance in the field, eliciting a positive response from investors who added over USD 80 billion to the company's market value.

Gemini boasts superior speed compared to OpenAI's latest offering and showcases versatility by processing various forms of media, including video, audio and text. The system is available in three versions, each tailored to utilise different levels of processing power, providing flexibility for users with diverse computing resources.

Alphabet has integrated elements of Gemini technology into its Bard chatbot and plans to unveil the most advanced Gemini version through Bard in early 2023. A demonstration video showcased Gemini's remarkable abilities, from recognising sleight-of-hand magic tricks to assisting users in creating art by generating ideas based on materials and colours.

The market's warm reception of Gemini is in stark contrast to the nearly USD 100 billion selloff Alphabet experienced in February. This downturn followed the controversy surrounding its Bard chatbot, which disseminated inaccurate information in a promotional video, coupled with a lackluster performance at a company event.