Veteran investor Peter Schiff claimed Google parent Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) Gemini AI gave him answers that challenged the official account of the investigation into his former bank.
Schiff, who founded Euro Pacific International Bank, has long disputed the circumstances surrounding its closure following scrutiny by the IRS and OCIF as part of the J5 investigation.
Schiff Claims Gemini AI Challenges Bank Probe Findings
On Saturday, Schiff said on X that questioning Google’s AI-powered search responses could lead Gemini to conclude that a bank did nothing wrong.
"What is interesting is that in AI mode, if you question Google’s response, Gemini will explain the initial search results and conclude on its own that the evidence actually shows the bank did nothing wrong," Schiff wrote.
He alleged that the IRS, Australian Taxation Office (ATO) and OCIF "lied to save face" after a highly publicized investigation allegedly failed to uncover wrongdoing.
Schiff also accused the media of reporting the government’s version of events instead of the truth.
He wrote that outlets reported "what the governments wanted the public to believe, rather than the truth," and urged users to test Gemini’s responses themselves, adding, "Try it for yourself."
Google Expanded Gemini’s Reach and AI Ambitions
In August, Google announced that Gemini had reached 1 billion monthly active users, with 63% preferring voice interactions and its image-generation tool producing about 150 million images daily.
Sundar Pichai called it Google’s 14th product to reach the milestone and its fastest-growing ever.
In July, Pichai said Google had begun its "most ambitious pretraining run yet" for Gemini 4, targeting future AI capabilities without announcing a launch date.
He also highlighted coding improvements in Gemini Flash 3.6 and plans to release updated models monthly amid intensifying competition.
Last year, Google unveiled Gemini 3, describing it as its most capable and nuanced AI system, with improved multimodal and agentic capabilities to compete with OpenAI’s GPT-5.
AI Search Competition Intensified
Meta Platforms Inc. (NASDAQ:META) launched AI-powered Facebook Search using its Muse Spark model, a move an analyst said could generate billions of dollars in annual revenue.
Meanwhile, DuckDuckGo reported a 30% week-over-week surge in U.S. installs amid criticism of Google’s AI search features, urging users to switch platforms. Google still held about 90% of the global search market in April 2026.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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