Alphabet stock slumps over 8% after AI event

EPA-EFE/ROMAN PILIPEY

Alphabet Inc., Google LLC parent, shares dropped on Wednesday following the event on artificial intelligence (AI), which seemingly failed to impress investors.

At the event held in Paris, the tech giant stated it aims to integrate AI with search results. Google previously revealed its own version of a chatbot, Bard, which would rival OpenAI's ChatGPT. Microsoft Corp. announced yesterday that it plans to assimilate ChatGPT into its Bing search engine.

Alphabet's class A stock tumbled 8.32% at 11:52 am ET, going at $98.6950 per share, while class C shares plunged 8.17% at the same time, selling for $99.2300 per share.

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