Alphabet shares fall on report Samsung may dump Google Search for Bing
Shares of Alphabet Inc fell nearly 4% Monday following a report that South Korea's Samsung Electronics is considering replacing Google with Microsoft-owned Bing as the default search engine on its devices.
The news underscores the growing challenges facing Google's $162 billion-a-year search business at the hands of Bing, an outsider that recently became more prominent after integrating the AI technology behind ChatGPT.
Google's reaction to the threat was "panicked," as the company gets about $3 billion in annual revenue from its contract with Samsung.
Google has dominated the search market for decades with a share of more than 80%, but Wall Street fears the company could fall behind Microsoft in the fast-growing AI race.
On Monday, the company's stock fell to $104.90 and wiped almost $50 billion off Alphabet's market cap, Reuters.
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Shares of Alphabet Inc fell nearly 4% Monday following a report that South Korea's Samsung Electronics is considering replacing Google with Microsoft-owned Bing as the default search engine on its devices.
The news underscores the growing challenges facing Google's $162 billion-a-year search business at the hands of Bing, an outsider that recently became more prominent after integrating the AI technology behind ChatGPT.
Google's reaction to the threat was "panicked," as the company gets about $3 billion in annual revenue from its contract with Samsung.
Google has dominated the search market for decades with a share of more than 80%, but Wall Street fears the company could fall behind Microsoft in the fast-growing AI race.
On Monday, the company's stock fell to $104.90 and wiped almost $50 billion off Alphabet's market cap, Reuters.
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T.me/An0n_Tech