Alphabet shares are on pace for their worst day in over two months following a report indicating the Google parent company is in danger of losing a key multibillion-dollar search engine contract to Microsoft, as the AI rivalry rages on.
Alphabet shares are on pace for their worst day in over two months following a report indicating the Google parent company is in danger of losing a key multibillion-dollar search engine contract to Microsoft, as the artificial intelligence rivalry between the two technology giants rages on.Key Facts
Samsung is mulling a switch from Google to Microsoft’s Bing as the default search engine on its smartphones and tablets, theSunday, putting a contract worth a reported $3 billion per year in jeopardy. Though that represents just over 1% of Alphabet’s roughly $280 billion in annual revenue, it’s the latest indication that Google’s search engine dominance may be fading, with theAlphabet shares slid as much as 4.1% in early trading Monday, shedding $57 billion in market capitalization, while Microsoft shares climbed 1.6%.
That continues a months-long trend of Microsoft’s stock outperforming Alphabet’s, as Microsoft shares are up 21% since the November launch of ChatGPT, OpenAI’s viral chatbot incorporated into Bing; Alphabet shares are up 10% during the same period. Microsoft has an “early lead” in the artificial intelligence space as it exhibits a “renewed vigor” in the search market, Goldman Sachs analysts led by Kash Rangan wrote in a note to clients last month.
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