• Crypto AI tokens have been increasing in popularity and had monthly gains of more than 200%.
• Google’s recently launched advertising campaign for its own AI chatbot, Bard, demonstrated multiple factual inaccuracies.
• Shares in Alphabet, Google’s parent company sank in pre-market trading on Feb. 8 after an advert for its new AI chatbot included factual inaccuracies
Crypto AI Tokens Struggle After Google Chatbot Ad Campaign
Crypto AI tokens have been experiencing a surge in popularity since late last year with some reporting monthly gains of over 200%. However, the trend may be slowing following Google’s launch of its new chatbot, Bard. The chatbot’s accompanying advertisement contained factual inaccuracies that caused shares of Alphabet Inc., Google’s parent company to fall 6% in pre-market trading on February 8th.
Google Chatbot Ad Campaign
In an effort to promote their new artificial intelligence (AI) chatbot, Bard, Google released a video ad that sought to answer a query about the James Webb Space Telescope (JWST). In response to the prompt „What new discoveries from the James Webb Space Telescope (JWST) can I tell my 9-year old about?“, Bard incorrectly stated that the telescope took the first photo of a planet outside Earth’s solar system. This inaccuracy was pointed out by ZeroHedge who noted that it was actually taken by the European Southern Observatory’s Very Large Telescope (VLT) in 2004 as confirmed by NASA.
Falling Stock Prices
Following this mistake, Alphabet Inc.’s stock price fell 5% during pre-market trading on February 8th before continuing to trade sideways with further losses throughout the day and closing 6.26% lower than when it began. As a result of this incident concerning Google’s chatbot accuracy, other crypto AI projects also saw losses with many dropping more than 5%. The Graph and dKargo were two notable exceptions as they outperformed much of the sector despite investing heavily in artificial intelligence technology such as Semiotic data optimization and aggregation services respectively.
Impact On Crypto AI Industry
The impact this incident has had on crypto AI projects demonstrates how quickly consumer trust can be lost if companies are not careful when introducing their latest innovations or technologies into the market. Moving forward it is important for companies involved in artificial intelligence development to ensure they double check any facts they include in their advertisements prior to release so as not to damage consumer confidence or disrupt industry trends like what we’ve seen here with crypto AI tokens struggling after Google’s blunder.
It remains unclear how serious these losses will be but it is clear that companies must take extra precautions when launching new products or campaigns containing facts related to their product offerings especially if those products are intended for public use or consumption such as an advertisement featuring an artificially intelligent bot attempting to answer questions from consumers like we saw here from Google and their chatbot Bard .