ChatGPT vs. Bard: BofA believes Google is 'well equipped' for the AI fight

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As the rivalry heats up, investors are scrambling to acquire more shares in AI-focused businesses (AI).

Alphabet (NASDAQ:GOOGL) released Bard yesterday, an AI tool designed to compete with OpenAI's (NASDAQ:MSFT) phenomenally popular ChatGPT. Google is now using artificial intelligence (AI) capabilities as part of its continuing search engine improvements to make it simpler to consume previously inaccessible material. The LaMDA neural language model, a transformer-based model created in-house at Google, serves as the cornerstone for Bard.

Bank of America analysts anticipate that artificial intelligence-driven products will improve Google's revenue via subscriptions, data fees, and advertising. Microsoft will conduct a press event on Tuesday to explore the future of Bing and ChatGPT, followed by an AI day on Wednesday.

Since ChatGPT's introduction on November 30th, a number of rival AI solutions have appeared in the IT sector, and it has already been incorporated into search. In a client note, analysts said that "speed may be key" for scaling well while the models are still learning.

Experts think that Google has a significant advantage over the competition because to greater language models, data access, computing power, and distribution through iOS and Android. "While a new wave of AI competition has started," Google said in a statement, "we think Google is well positioned owing to years of investment in the technology."

Analysts predict "significant government interest in the technology" given the current competitive nature of the AI business.

According to Bank of America analysts, Meta Platforms (NASDAQ:META) intends to expand its artificial intelligence capabilities.

"Despite near-term cloud inventory increases (per INTC/AMD), we anticipate continuing AI investments as medium/long-term tailwinds for cloud services vendors," they stated.

Baidu (HK: 9888), a Chinese internet company, saw its stock price rise today after the company said that it had completed testing on an artificial intelligence project similar to ChatGPT and Bard.

Harley N

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