Investors chasing the sizzling rally in global artificial intelligence-related stocks are getting a reality check.
Google’s demonstration of its artificial intelligence chatbot has already underwhelmed investors with accuracy concerns, spurring the biggest drop in its parent’s shares in more than three months.
A Chinese newspaper warned investors not to blindly join the speculation about stocks that could benefit from rolling out such AI capabilities, saying that it will take time for such concepts to prove their value.
Baidu Inc slumped as much as 8.5 per cent in Hong Kong, after scoring its best day since March when it said Tuesday its ChatGPT-like service was on track for roll out. Other firms including Zhihu, CloudWalk Technology Co, Beijing Deep Glint Technology Co and Hanwang Technology Co also declined.
“The recent buying into ChatGPT has been very speculative. So, the sentiment can cool down very easily if there are regulatory warnings,” said Zhang Gang, strategist at Central China Securities.
The arms race among global tech giants has intensified since ChatGPT took the internet by storm, after its launch in November. Microsoft, which owns a stake in the OpenAI start-up behind ChatGPT, showed off how the technology will supplement its Bing search engine. Not to be outdone, search giant Google quickly showed a novel service called Bard that would incorporate similar AI features. A slew of Chinese companies from Alibaba Group Holding to NetEase have also announced this week that they are developing ChatGPT-like services.
With the initial euphoria tapering, attention has now shifted to navigating the milestone progress at these firms. Alphabet shares tumbled as much as 8.9 per cent on Wednesday after an underwhelming demonstration of its new chatbot.
In China, regulators are warning investors against the frenzy. At least three companies have received inquiries from local stock exchanges after shares rose more than 30 per cent over three straight sessions this week. That has prompted CloudWalk, a face recognition technology developer, to clarify that it hasn’t generated any revenue from ChatGPT products and that it wasn’t involved in any collaboration with OpenAI.
Analysts said it will take some time for real winners to emerge in the space, with regulatory approval and monetisation of the technology being key for such services to take off in China.
“The verdict on China’s self-developed ChatGPT-style tools, which look set to enter the market this year after media reported February 8 that Alibaba is testing its application, similar to NetEase, might only emerge in 2024 as competition spurs innovations in the technology through 2023,” wrote Bloomberg Intelligence analysts Catherine Lim and Trini Tan.
Overall standings
1. Christopher Froome (GBR/Sky) 68hr 18min 36sec,
2. Fabio Aru (ITA/AST) at 0:18.
3. Romain Bardet (FRA/ALM) 0:23.
4. Rigoberto Uran (COL/CAN) 0:29.
5. Mikel Landa (ESP/SKY) 1:17.
UAE currency: the story behind the money in your pockets
What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
Mohammed bin Zayed Majlis
Honeymoonish
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
The biog
Year of birth: 1988
Place of birth: Baghdad
Education: PhD student and co-researcher at Greifswald University, Germany
Hobbies: Ping Pong, swimming, reading
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
Company%C2%A0profile
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In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
Dengue%20fever%20symptoms
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Killing of Qassem Suleimani
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
BLACKBERRY
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