Alphabet stock dive on Bard snafu was overblown and don't dismiss Google AI

Don't count out Google in the AI race, and the stock sell-off after its Bard chatbot snafu was an overreaction, Gene Munster says

"I think it was an overreaction. It was an overreaction because, when we think about AI, this is a multidecade endeavor," Munster told CNBC Thursday."To make a decision that Google has been behind the curve based on a demo, I think, is a little bit premature." " — an overhaul of the search engine to include AI capabilities from ChatGPT parent OpenAI — also contributed to Alphabet's sell off.

But Google has significantly outspent Microsoft in the development of AI and has organized itself into an AI-first company, Munster said. Since 2016, Alphabet is reported to have invested around"Google is not to be counted out when it comes to this AI race," he said.shares ticked up 0.1% Thursday,continuing its 2023 climb since dropping by nearly 30% last year, a decline that was fueled by rising interest rates battering the tech industry.

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