Recently, Take-Two’s share price got hammered after Google unveiled Project Genie, a new technology that claims to allow people to create video game worlds. Billions of dollars of market cap were wiped out in a single day, and not just Take-Two, but also for companies like Unity and Roblox.
Take-Two boss Strauss Zelnick has now reacted to the drawdown, saying bluntly, “I have to admit, I’m a little confused.” Zelnick made these remarks during the company’s latest earnings briefing, seemingly referencing how experts believe Wall Street has lost the plot yet again and do not fully understand how video games are actually made.
“The video game business since its inception was built on the back of machine learning and artificial intelligence. We create our games in computers with technology. And ever since questions began about generative AI about 18 months ago, I’ve been incredibly enthusiastic about what the future can bring,” Zelnick said.
