ChatGPT is no longer the new shiny toy for every internet user. Google’s conversational AI model, Bard, has finally opened up to beta testers, and will soon be available to internet users at large.
Bard stands for ‘Bidirectional Encoder Representations from Transformers.’ Like ChatGPT, Bard has been trained on a huge corpus of text. It can then be tailored to smaller datasets to converse on a certain topic and in a specific style.
When it comes to Open AI’s ChatGPT vs Google’s Bard, key differences include:
The introduction to generative AI like Bard and ChatGPT is set to leave a mark on the stock market. In just 2 months of launch, ChatGPT had over 100 million users and has been integrated into Microsoft’s Bing and Edge, giving a first-mover advantage to Microsoft. The combination of Bing’s core search algorithm and ChatGPT’s generative AI capabilities is set to create the greatest boost in results relevancy Bing has seen in over two decades.
On the 6th of February, Google announced — in a message from its CEO — the launch of Bard AI on its official website. Google is under pressure as of 2023, and Google’s search engine is the company’s primary revenue driver. In 2022, Google’s advertising revenue from ‘search’ was 224 billion USD or more than 80% of the company’s total revenue. Google’s monopoly on being the universal search tool looks unstable.
With the rise of chat-based answers to queries, the search ecosystem is set to change in major ways. Chat-based answers summarise and personalise information as an easy-to-digest response. In other words, a conversational answering style, like ChatGPT’s, does away with the need for clicks and ad impressions that traditional search engines rely on. Users no longer need to browse a large volume of pages, and advertisers will no longer get the impressions they desire.
Alphabet (Google’s parent company) had lost 40% of its value in 2022 but rallied at 15% since the beginning of this year. It witnessed a 9% drop on the 8th of February at nearly three times the volume of its 50-day moving average. The fall was triggered by Bard sharing inaccurate information in a promotional video. Public sentiment seems to favour Microsoft as a formidable competitor against Google’s bread-and-butter.
To sum up, the transition to chat-based answers can have potentially positive and negative impacts on Google’s revenue from search. Although it is likely to reduce the number of clicks and ad impressions generated, chat-base responses present new opportunities for targeted advertising, thereby driving revenue in never-seen-before ways. For all the latest information on the stock market, check out the Fi Money app for smart investing.
Bard AI is a conventional AI model that was initially made available to beta testers. It is set to launch to the public in a few weeks. Bard will be integrated into Google search to give users a more personalised response to their queries instead of having to browse and open web pages.
Only selected beta testers have access to Bard at the moment. Google is set to publicly launch Bard with instructions on how to access it in a matter of weeks.