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Wed, February 8 at 8:00PM ET

AI Stocks Alert: Mark Your Calendars for Feb. 8

  • AI stocks are the talk of Wall Street ahead of Alphabet’s (GOOG, GOOGL) Google artificial intelligence event Wednesday.
  • The tech giant is expected to offer further details of its AI chatbot, “Bard.”
  • Microsoft (NASDAQ:MSFT)-funded ChatGPT has been a firestorm of success in the past month, creating uncertainty about the future of organic search engines.
AI stocks - AI Stocks Alert: Mark Your Calendars for Feb. 8

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AI stocks are enjoying some newfound attention ahead of Alphabet’s (NASDAQ:GOOG, NASDAQ:GOOGL) search and artificial intelligence (AI) event this Wednesday. Indeed, the tech giant is expected to unveil its take on the current AI frenzy and will likely offer a peek into its own conversational AI, “Bard.”

The release of OpenAI’s ChatGPT in November has spurred something of an AI trend in the stock world. As the masses collectively discover the power of modern AI, companies like Alphabet have been under pressure to respond to the potential threat of AI to their organic search engines. Microsoft (NASDAQ:MSFT) has continued to pour money into OpenAI, having already invested $10 billion in the San Francisco AI startup.

Google in particular has reportedly been ringing the alarm over the danger ChatGPT presents to its search-engine empire. Reasonably so, if conversational AI can just tell you everything you want to know without needing to click any extra links, engines like Google and Bing lose much of their utility — alongside much of the internet.

With that in mind, many investors are eagerly awaiting to see the fruits of Google’s AI initiative this Wednesday. According to the event description, the livestreamed event will offer viewers some insight into Google’s various AI applications:

“We’re reimagining how people search for, explore and interact with information, making it more natural and intuitive than ever before to find what you need. Join us to learn how we’re opening up greater access to information for people everywhere, through Search, Maps and beyond.”

What should you expect for AI stocks heading into Google’s Feb. 8 event?

AI Stocks Flourish Ahead of Google Conference

ChatGPT surpassed 100 million users in January, making it one of the fastest growing apps ever — even outpacing notoriously trendy ByteDance’s TikTok. As a result, a number of AI companies have enjoyed some resounding stock price growth in the past few months.

MSFT stock has climbed more than 10% in the past month, largely off the back of ChatGPT’s success. Meanwhile, even as one of the potential losers of the AI boom, Google-parent Alphabet has enjoyed an 18.6% jump in the past month. Clearly Google’s mysterious Bard chatbot has investors piqued, and frankly for good reason.

Bard is powered by Google’s Language Model for Dialogue Applications, otherwise known as LaMDA. According to Alphabet Chief Executive Sundar Pichai, Bard offers a number of ground-breaking accessibility and computing benefits.

“Bard seeks to combine the breadth of the world’s knowledge with the power, intelligence and creativity of our large language models,” Pichai wrote in a blog post Monday.

Aside from AI titans Microsoft and Google, a number of other AI-enhanced companies have seen some recent investor interest. This includes Advanced Micro Devices (NASDAQ:AMD), which is up 24% in the past month.

Unfortunately, the AI love hasn’t quite been uniform. Companies like Intel (NASDAQ:INTC) and International Business Machines (NYSE:IBM), considered leaders in the future of AI, have tumbled in the past month. Their stocks are down 2.1% and 5.8%, respectively.

On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/02/ai-stocks-alert-mark-your-calendars-for-feb-8/.

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