Did Google Bard Put an End to AI Hype? AI Could Decline By 80%

The artificial intelligence narrative created by ChatGPT has helped propel the price of Fetch.ai and other AI-related tokens. Thus, FETUSD surged over a thousand percent from its lows, prompting Google to release a rival product, Bard.

FET is down 17% intraday now after several months of significant rise as unfavorable news surrounding the Bard launch dampens AI excitement. This article will explain why this recent drop in Fetch.ai’s stock price might simply be the beginning of a short-term trend change that could lead to yet another 80% drop, even in a screaming bull market.

Google Screws Up Bard, a Rival to ChatGPT

Following the greater AI boom, crypto tokens like Fetch.ai have performed better than the market as a whole. The potential of ChatGPT is being discussed by the press, social media stars, and regular folks alike.

Because of ChatGPT’s unexpected success and enormous potential, Google rushed to release its own artificial intelligence-powered chatbot, Bard. Experts, however, claim that it presented false information in its initial demo.

James Webb Space Telescope “took the very first photos of a planet outside of our own solar system,” as Bard claims in the demonstration. That is not the case, however.

As a result of the mistake, formerly positive media coverage of AI as startlingly accurate has shifted to negative headlines questioning the validity of AI.

Why AI Bulls Might Avoid an 80% Fetch

FETUSD’s price movement has been very similar to that of other AI-related assets like C3.ai Inc, however that has only been good for the related cryptocurrencies. However, the optimistic outlook may be changing rapidly.

There are indications that the bear market for Fetch.ai is finished and a new bull market is underway, since the company’s price has risen by almost 1,000% from its lows. FET was another early performer in the previous bull market, but it also experienced two drawdowns of almost 82% each.

A drop like this doesn’t have to spell the end of the bull run for AI tokens or crypto in general. FET surged more than 2,000% after its initial over 80% decline. After bouncing back from its second 80% drop, FET surged a further 700%.

ChatGPT has demonstrated tremendous potential, and eventually Google and Bard will work together. In what amounts to an AI arms race, other tech firms have begun to follow suit.

The AI narrative is here to stay, therefore even if FET experiences a severe drop, investors should look at it as a prospective buying opportunity.

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