Alphabet Gains as Gemini Eases Fears Over AI Position
- AI optimism has fueled 2023 gains in megacap tech stocks
- Release will ease negative AI sentiment about Alphabet: Roth
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Alphabet Inc. shares jumped on Thursday as the release of the company’s Gemini AI model eased concerns about its position within the highly competitive market for artificial intelligence.
The stock gained 5.3%, its biggest one-day percentage gain since July, and the rally added more than $87 billion to the stock’s market capitalization. Shares are up 55% in 2023, compared with the 46% gain of the Nasdaq 100 Index, or the 55% rise in Microsoft Corp, considered a major AI competitor given its investment in OpenAI.