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Alphabet Faces Challenges as Samsung Considers Bing as Default Search Engine

by Richie
04/17/2023
in Artificial Intelligence in Trade, Data & Analytics, Industry

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Alphabet Inc witnessed a nearly four percent decline in its shares following reports that Samsung Electronics is contemplating replacing Google with Microsoft-owned Bing as the default search engine on its devices. The New York Times published the report over the weekend, highlighting the increasing competition faced by Google’s $162 billion-a-year search engine business from Bing, which has gained prominence after integrating artificial intelligence technology, including ChatGPT.

The report suggested that Google’s response to the potential threat was characterized by a sense of “panic,” given the significant annual revenue of approximately $3 billion generated from the Samsung contract. Additionally, another $20 billion is linked to a similar contract with Apple, set for renewal this year.

In a response to Reuters, Google stated that it is actively working on introducing new AI-powered features to enhance its search capabilities but refrained from commenting on its association with Samsung. Samsung, on the other hand, did not provide a response to Reuters’ request for comments.

Google has long been the dominant force in the search market, with a share of over 80 percent. However, concerns on Wall Street have emerged about the company potentially falling behind Microsoft in the rapidly evolving artificial intelligence (AI) landscape.

Following Alphabet’s $100 billion loss in value on February 8 due to issues with its chatbot Bard, which shared inaccurate information, and an underwhelming company event, the stock experienced a further dip to $104.90 on Monday, leading to a nearly $50 billion reduction in Alphabet’s market capitalization. In contrast, Microsoft outperformed the broader market with a one percent rise.

Investors are expressing concerns about Google being perceived as a complacent monopolist in the search domain. Analyst James Cordwell from Atlantic Equities noted that recent developments have served as a wake-up call, and the potential costs associated with making Google Search more competitive than AI-powered Bing could be a source of worry.

The New York Times report indicated that Google is in a race to develop an entirely new AI-powered search engine, promising a more personalized experience than its current service. The existing service is also slated for an upgrade with additional AI features.

Stay current with supply chain report news at The Supply Chain Report. For international trade resources, visit ADAMftd.com.

#AlphabetInc #SamsungElectronics #Google #Bing #Microsoft #ArtificialIntelligence #AI #GoogleSearch #BingAI #SamsungDevices #AIsearch #MarketCompetition #TechStocks #AlphabetStock #MicrosoftStock #GoogleAI #ChatGPT #SearchEngineBattle #TechIndustryNews #InvestorsConcern #AIDominance #StockMarketUpdate #BingVsGoogle #SearchEngineWars #TechInnovation

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