What to know in markets on Wednesday, February 8, 2023.
Microsoft’s use of the AI used in ChatGPT to disrupt the internet search market is set to demolish the high profit margins that have underpinned Google’s core business, chief executive Satya Nadella predicted on Tuesday. The launch came the day after Google scrambled to make up lost ground since the launch of ChatGPT, which provides text answers to complex questions directly rather than requiring the use of a traditional search engine. Google said it would launch its own chatbot and add AI features to its search engine, but did not show off any of its technology or say when it will be widely available.
Microsoft fired its latest salvo against rival Google on Tuesday, debuting a new version of its Bing search engine powered by OpenAI's GPT-4, a more powerful version of its popular ChatGPT natural language AI technology.