Why did Alphabet stock slip today? Blame Bard mistake, underwhelming AI event
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Google (NASDAQ:GOOG) (NASDAQ:GOOGL) shares closed down nearly 7.5% on Wednesday after the tech giant showed off several artificial intelligence-linked updates to its products and services that underwhelmed Wall Street. 
Baird analyst Colin Sebastian, who rates Alphabet (GOOG) (GOOGL) shares outperform, said Microsoft (NASDAQ:MSFT) is "winning the early [generative] AI PR sprint" and that Google has "a lot more to lose than gain" if it rushes its products out the door.
On Monday, Google (GOOG) (GOOGL) unveiled its Bard chatbot, a competitor to OpenAI's ChatGPT, for feedback, with a wider public release coming in short order as it steps up its general artificial intelligence offerings.
Google (GOOGL) demonstrated some of Bard's capabilities in a February 6 tweet, but it gave incorrect information when it said that the James Webb Telescope took the first pictures of planets outside the Solar System, known as exoplanets. The first exoplanet was discovered in 1992 and more than 5,000 have been discovered to date.
The James Webb Telescope launched on December 25, 2021.
Evercore ISI analyst Mark Mahaney added that Wednesdays event did not have much more than some incremental news, and suggested it was an early and perhaps "rushed" look at the generative AI capabilities the company has worked on for years.
Mahaney, who has an outperform rating on Alphabet (GOOG) (GOOGL), added that he expects more substantive releases and announcements later this year.

Bank of America said earlier this week that the AI race is "clearly on for the tech sector," but Google's (GOOG) (GOOGL) speed to market is the key.