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Google loses $96B in value on Gemini fallout as CEO does damage control

Google’s parent company Alphabet has taken a hit in the stock market after it discontinued features in its artificial intelligence tool Gemini after users pointed out the company’s bias against white people.

Alphabet stock has fallen 5.4% since Google suspended Gemini image generation on February 22, and its market capitalization has fallen from $1.798 trillion to $1 trillion, according to data provided to FOX Business by Dow Jones. 702 billion, resulting in a loss of $96.9 billion.

Google’s parent company Alphabet has lost more than $96 billion in value since suspending the functionality of its new AI tool Gemini. (Marlena Sloss/Bloomberg/Getty Images)

ticker safety last change change %
google Alphabet Co., Ltd. 137.43 -2.67 -1.91%

For comparison, during the same period, the S&P 500 was down 0.3% and the Nasdaq Composite was down 0.6%.

Google last week removed Gemini’s image generation feature after users reported on social media that Gemini was creating inaccurate historical images that sometimes replaced white people with images of Black people, Native Americans, and Asian people. has been stopped.

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Google CEO Sundar Pichai told employees on Tuesday that the company was working “around the clock” to correct the Gemini bias, saying the images produced by the model were “totally acceptable.” I can’t.”

Photo of Google CEO Sundar Pichai

Google CEO Sundar Pichai (Brandon Wade/File/Reuters Photo)

The company plans to reboot Gemini AI in the coming weeks. News website Semafor first reported the news, which was later confirmed by a Google spokesperson.

Google Gemini backlash exposes employee comments about Trump, ‘anti-racism’ and ‘white privilege’

Google has since apologized to Gemini several times. Critics blamed AI To create “woke” content.

In a memo to employees, Pichai said the tool’s reactions were unpleasant for users.

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“Our teams are working around the clock to address these issues,” he wrote. “We’re already seeing significant improvements across a variety of prompts. … And we’ll be looking at what happened and making sure to fix it at scale.”

FOX Business’ Chris Pandolfo contributed to this report.

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