openai’s latest search engine venture
OpenAI aims to develop SearchGPT to craft and implement innovative search functionalities that will “merge the capabilities of our AI models with online data to provide you with prompt and relevant responses with distinct and useful sources.”
This initial model will yield insights that OpenAI plans to “embed the finest of these capabilities straight into ChatGPT going forward.”
The first phase, as stated by the company, involves rolling out the app “to a limited set of users and publishers for feedback.”
Participating entities include The Atlantic and News Corp., which owns The Wall Street Journal.
Users can join a waitlist to be part of the tool’s testing phase.
Other entities are also creating comparable tools, such as Perplexity, which is supported by Amazon founder Jeff Bezos and Nvidia.
effects on major tech stocks
Alphabet’s decline hampered a positive surge for the Nasdaq Composite Index, which experienced a decrease from a 202-point rally to a 161-point drop, landing at 17,181.72.
The Nasdaq-100 dipped 1.1% to 18,830.58.
The Standard & Poor’s 500 saw a decline of 0.5% to 5,399.22. The Dow Jones industrials gained 0.2% to 39,935, although it had reached as high as 40,438 earlier in the trading day.
Microsoft shares declined 2.5% to 8.40, competing with its Bing search engine. Nevertheless, Microsoft holds a 49% stake in OpenAI and has invested .3 billion in the organization.
Overall, six of the Mag 7 stocks, including Alphabet and Microsoft, saw drops on Thursday.
- Apple, down 0.5% to 217.49
- Amazon.com, down 0.54% to 9.85
- Facebook parent Meta Platforms, down 1.7% to 3.41
- Nvidia, down 1.7% to 112.28
Tesla, the electric vehicle manufacturer, closed up 2% to 0.25.
For investors in Australia, the implications of these fluctuations in major tech stocks are considerable. The ASX is frequently swayed by the performance of American tech giants, due to their vast market capitalisation and global presence. A decline in these shares can engender a cautious attitude among Australian investors, possibly affecting local tech stocks and broader market indices.
Furthermore, the participation of companies like News Corp. in OpenAI’s fresh initiative could carry direct consequences for the Australian media and tech industries. As OpenAI’s SearchGPT progresses, it could offer new possibilities and challenges for Australian enterprises aiming to utilise AI-enhanced search technologies.
Investors ought to closely monitor advancements in this domain, as the competitive landscape between OpenAI, Google, and other technology leaders might transform the digital search and advertising arena, with extensive repercussions for both global and Australian markets.
