OpenAI Event Impacting Google Leads to $50 Billion Market Cap Loss for Alphabet
OpenAI stirs the pot
AI rival OpenAI is set to unveil a new product, sparking speculation about its impact on Google. The market reacts as Alphabet's shares dip by 2.8% in early trading, wiping out over $50 billion in valuation.
The company that cried wolf
Despite OpenAI's history of challenging Google with limited success, data shows no substantial threat to Alphabet's core business. With Alphabet's advancements in AI through Google Cloud and Deepmind, AI remains an opportunity rather than a threat.
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This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.