Google loses $96B in value on Gemini fallout as CEO does damage control

Google parent company Alphabet has taken a beating in the stock market since pulling the plug on features of its artificial intelligence tool, Gemini, after users flagged its bias against White people.

Data provided to FOX Business from Dow Jones shows that since Google hit pause on Gemini’s image generation on Thursday, Alphabet shares have fallen 5.4%, while its market cap has fallen from $1.798 trillion to $1.702 trillion, a loss of $96.9 billion.

For comparison, during the same time period, the S&P 500 has lost 0.3% and the Nasdaq Composite has lost 0.6%.

Google halted Gemini’s image generation feature last week after users on social media flagged that it was creating inaccurate historical images that sometimes replaced White people with images of Black, Native American and Asian people.

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Google CEO Sundar Pichai told employees on Tuesday the company is working “around the clock” to fix Gemini’s bias, calling the images generated by the model “completely unacceptable.”

The company plans to relaunch Gemini AI in the next few weeks. News website Semafor first reported the news, which was later confirmed by a Google spokesperson.

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Google has issued several apologies for Gemini after critics slammed the AI for creating “woke” content.

In a note to employees, Pichai said the tool’s responses were offensive to users.

“Our teams have been working around the clock to address these issues,” he wrote. “We’re already seeing a substantial improvement on a wide range of prompts. … And we’ll review what happened and make sure we fix it at scale.”

FOX Business’ Chris Pandolfo contributed to this report.