Alphabet’s Stock Faces $90 Billion Market Value Fall

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Alphabet, the parent company of Google, witnessed a significant downturn on Monday, shedding approximately $90 billion in market value due to escalating concerns surrounding its generative artificial intelligence (AI) product, Gemini.

The controversy surrounding Gemini has cast a shadow over Alphabet’s performance on Wall Street, triggering a substantial 4.5% decline in its stock price, which closed at $138.75 on Monday. The plummet marked Alphabet’s lowest stock price since January 5 and ranks as the second-largest daily loss over the past year, as reported by Forbes.

The emergence of concerns over Gemini’s reliability and potential biases has fueled apprehensions about Google’s brand reputation, particularly regarding its credibility as a provider of AI services.

As AI assumes an increasingly pivotal role in online search functionalities, there are apprehensions that user distrust of Google’s biases and hallucinations could undermine the company’s standing.

Source: Nairametrics

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