BlockBeats News, August 6th, Google DeepMind CEO Demis Hassabis announced this morning that he is stepping down from his day-to-day management role, taking on the position of DeepMind's Chairman and assuming the role of Chief Scientist at Alphabet. He will continue to lead long-term AI research and oversee the new drug development company Isomorphic Labs. The R&D and delivery at Gemini will be fully taken over by former DeepMind Chief Technology Officer Koray Kavukcuoglu, who will report directly to Alphabet CEO Sundar Pichai.

On the same day, legendary engineer Jeff Dean announced his departure from Google, taking with him Sanjay Ghemawat, Oriol Vinyals, and Quoc Le to co-found a company called Discovery Loop. The team aims to leverage AI to automate the entire research process from posing questions, designing experiments, conducting experiments, to evaluating results. Google participated in the founding round of investment, will become its cloud service provider, and will provide computing power support for the first year. Google chose not to retain this top research team that had already decided to start a business and instead opted to maintain a capital, cloud service, and research collaboration relationship.

According to BIT (bit.com) market data, after the announcement, the market reacted swiftly. Alphabet's stock price fell by over 5% at one point during the trading day, ultimately closing down by 4.03%. In after-hours trading, it is up by 0.57% at $364.49.