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Microsoft (MSFT) Introduces New Image Creation Tool on Bing
Microsoft (MSFT - Free Report) has rolled out its new image creation tool for its browser Edge and search engine, Bing. This new tool is created by OpenAI’s DALL-E to generate pictures based on texts.
The tool, Bing Image Creator, will be available in the latest versions of Edge and Bing. It would be initially available in Creative mode for desktop and mobile users.
All large and small companies are in an intense race to deploy Artificial Intelligence (AI) after the launch of ChatGPT last year. ChatGPT showed the potential and excitement for large language models.
Microsoft is looking to get ahead in this race with its huge investments in Open AI. It recently launched GPT-4 that performs various tasks ranging from creating a website to calculating actual taxes.
This Zacks Rank #3 (Hold) company also introduced new features like Visual Stories and Knowledge Card 2.0 for Bing users. These new features will use AI generated graphics and interactive elements to provide key facts at a glance. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Microsoft Corporation Price and Consensus
Microsoft Corporation price-consensus-chart | Microsoft Corporation Quote
Huge Expense Incurred by Technology Giants in AI Race
Microsoft is investing heavily in research and development to get ahead in the Artificial Intelligence race followed by other tech giants like Meta Platforms (META - Free Report) , Alphabet (GOOGL - Free Report) and Amazon (AMZN - Free Report) .
Shares of Microsoft have decreased 10% in the past year compared with the Zacks Computer and Technology sector’s decline of 16.6% in the same period.
Amazon spent $73.21 billion on research and development last year alone. Meta spent $24.65 billion, Alphabet spent $31.56 billion and Microsoft spent $26.62 billion in the last year.
These huge amounts of investment are necessary for technology firms, otherwise they would lag behind and lose a lot more in terms of revenues and market shares.
After Chat GPT’s instant success, AI is seen as the future of the technology industry. Artificial Intelligence can be used in all the existing sectors and as well as it can discover new sectors in the future.
Though these giants are competing in the same race, the sectors are a bit different. Meta is focused on creating AI for scaling data and computing power. Alphabet is interested to integrate AI with its search engine and Amazon will be using it for better web services whereas Microsoft is focused on its search engine and office tools.