Why Did Google Invest $300 Million in a ChatGPT Competitor While Launching Bard?

By Neil Rozenbaum – Mar 27, 2023 at 3:09PM

NASDAQ: GOOGL

Alphabet

Market Cap

$1,925B

Today's Change

(-0.30%) -$0.46

Current Price

$154.40

Price as of April 16, 2024, 4:00 p.m. ET

Does Alphabet have confidence in its own product?

In this video, I will talk about Alphabet's (GOOGL -0.30%) (GOOG -0.21%) investment in Anthropic, the company behind the ChatGPT competitor Claude AI chatbot. The company invested $300 million in the company founded by ex-OpenAI employees while also launching Bard and other AI-related products.

*Stock prices used were from the trading day of March 27, 2023. The video was published on March 27, 2023.

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Neil Rozenbaum has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy.

Neil is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.