May 16, 2023: Google workers were paying close attention to the firm’s annual developer conference this week and to Wall Street’s overwhelmingly positive reaction.
According to internal conversations, when doling out credit for the 4.3% stock pop after Google I/O, many staffers favoured the firm’s engineers over its executives.
On Goog, Memegen, the most popular meme from the event, showed side-by-side images of parent firm Alphabet’s stock price. The slide has thousands of “up-votes,” stated on the left, “Execs cost-cutting and to purchase back stock,” over a chart with the stock price decreasing. On the right, a graph appeared with the stock going up, the wordless than, “Eng[ineers] buying stuff done.”
Many employees agree with the sentiment in the comments section, which praises their colleagues who worked to prepare the products for prime time as part of a company-wide effort to compete in A.I.
The event came shortly after workers closed CEO Sundar Pichai for getting a stock award for 2022 of more than $200 million just as the firm is slashing jobs and slashing costs. They also criticized the firm for authorizing a $70 billion buyback.
Alphabet’s shares increased to their highest since August. They rallied 11% for the week following Google announced its recent general-use large language model (LLM) known as PaLM 2 on Wednesday and several advancements to the A.I. technology powering Bard and search.
Google has been forced to showcase its generative A.I. technology since the public release late last year of Open A.I.’s ChatGPT. OpenAI backer Microsoft
is involved in GPT-powered technology in its Bing investigating engine and other products, increasing concern that Google’s days of dominance in its core search market may be numbered.
After a February event where Google promoted its A.I. chatbot Bard, the organization’s stock price decreased by 7%. Google workers described Pichai’s account as “rushed” and “botched.”
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