From accusations of "massive fraud" to providing competition for ChatGPT, here are some extracts from our most popular news stories over the last seven days.
Google Takes on ChatGPT With "Bard" – Here’s Why It’s Great News for CX
Google will launch a generative AI bot, "Bard", within the coming weeks to challenge ChatGPT.
ChatGPT stunned the online world after its launch two months ago, writing poems, completing code, and answering exam questions.
Indeed, 30 percent of the world’s white-collar workers have experimented with the offering, helping with market research, copy creation, and general ideation.
From these tests, its potential to change how people search for information online quickly became evident – which alerted a "code red" at Google.
Why? Because Microsoft struck a deal to embed ChatGPT into Bing. Such innovation could disrupt its search engine domination – which reportedly accounts for 58 percent of Google’s business.
Indeed, 92.9 percent of the world’s searches are on Google. That pulls in a lot of advertising revenue. Bing, on the other hand, accounts for just three percent, according to Statcounter.
If Microsoft can move the dial on that ratio, Google’s entire business model will turn upside down.
Yet, Google has long planned for the future of conversational search, with Bard far from a quick retort to ChatGPT.
So, while there is more than a pinch of panic surrounding the release of Bard, the solution seems unlikely to disappoint.
After all, Google LaMDA powers the offering. Initially released two years ago, this is Google’s model for next-generation language and conversation capabilities.
Ever since this release, the Google team has evolved the experimental generative AI service, ready for the release of Bard. Now, it is reportedly so sophisticated one Google employee expressed their concern that it might be sentient.
Avaya Accused of "Massive Fraud" In Bondholder Lawsuit
Avaya allegedly misled investors about the company’s finances and management, per a lawsuit filed by bondholders in New York.
The claimants suggest that they lost over $125MN because of the "fraudulent" maneuvers of the Avaya board.
These alleged moves came before Alan Masarek took the CEO hotseat.
Indeed, the plaintiffs’ story of events starts in 2018, shortly after Avaya came out of bankruptcy.
At the time, Avaya issued $100MN in unsecured convertible notes. Such notes represent short-term debt that converts into company equity.
In May 2022, Avaya attempted to raise more money by refinancing the notes after reporting seemingly promising Q2 results.
At the time, former President and CEO Jim Chirico stated during an earnings call: "The significant progress we saw this quarter signifies our strategy is taking hold, and this shift is reflected in our revised second-half guidance."
After, Avaya contacted the plaintiffs – alongside other debtholders – to secure a new loan. In doing so, the suit claims that Avaya indicated its finances, management, and liquidity "were sound and that prospects were great."
With this guidance, many investors kept hold of their convertible notes, and reports suggest that some invested $80MN in new money into the business.
Then, when the loan closed, the situation began to unravel. Indeed, the plaintiffs – which include Angelo Gordon & Co., Canyon Partners LLC, and Mariner Investment Group – state the fraud "began to become apparent almost immediately afterwards."
