Alphabet shares fall 7% following Google's A.I. event

Shares of Alphabet slid during the event, suggesting that investors were hoping for more in light of growing competition from Microsoft. Google's event took place just one day after Microsoft hosted its own AI event at its headquarters in Redmond, Washington. Microsoft's event centered around new AI-powered updates to the company's Bing search engine and Edge browser. Bing, which is a distant second to Google in search, will now allow users get more conversational responses to questions. The Microsoft product updates were built on technology from ChatGPT-maker OpenAI, in which Microsoft has invested billions.