- The shares of Alphabet, Google’s parent company, were trading 7.03% lower on Nasdaq at $342.16 as of 11:17 am ET.
- The company is facing pressure due to a combination of high-profile departures in the AI sector, fresh legal and regulatory headwinds and fears of share dilution.
- Alphabet is reportedly developing an upgraded version of TPU v9 AI ch
Google's shares fell over 7% on Monday, after a breakout week that saw the stock snap a five-week slide and gain 2.3%. The stock of Alphabet, Google's parent company, was trading 7.03% lower on Nasdaq at $342.16 as of 11:17 am ET.
The spiral comes as Google DeepMind and A24 announced “a first-of-its-kind partnership” focused on research. The collaboration aims to help artists develop new techniques and workflows, a release stated.
The stock is facing pressure over the past few weeks due to a combination of high-profile talent departures in the AI sector, fresh legal and regulatory headwinds that can impact Google and a massive capital-raising campaign that has sparked fears of share dilution.
Earlier this month, a court in California denied motions by Google's YouTube and Mark Zuckerberg's Meta for a new trial after a jury found the tech giants liable for designing social media platforms that are harmful to young people and imposed $6 million in damages, as per Reuters.
On Friday, Nobel laureate John Jumper announced that he was leaving DeepMind for rival Anthropic. Jumper, who shared a recent Nobel Prize in chemistry, served as a key member of a Google team that developed coding tools.
Another big member, Noam Shazeer, the firm's vice president of engineering and a co-lead of its Gemini AI model, also stated that he would join OpenAI.
Google's plan to raise $80 billion in equity for funding its vast artificial intelligence infrastructure investment also sparked investor fears earlier in June.
Last week, Alphabet-owned firm Waymo recalled almost 3,900 robotaxis in the US due to software issues after some vehicles drove into freeway construction zones, as per CNBC. The voluntary recall was the second in over just a month.
Alphabet is reportedly developing an upgraded version of its tensor processing unit (TPU) v9 AI chip. Codenamed Triggerfish, the chip will be made by Taiwan's MediaTek, supply chain analyst Ming-Chi Kuo revealed in a post on X.
The new chip will build on Google's existing TPU v9 platform, Humufish, adding stronger inference capabilities to support next-gen AI workloads, as per Stocktwits.
The move cements MediaTek's role as one of Google's preferred partners for the TPU v9.
