Here's Why I'm Not Too Worried for Alphabet Despite Apple's Potential New AI-Powered Safari Search
Investors panicked when the possibility was floated, but take a step back and look at the bigger picture.
Bad news for Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL). Consumer technology titan Apple (NASDAQ: AAPL) may soon be adding artificial intelligence (AI)-powered web-search tools like OpenAI and Perplexity to its mix of search platforms offered to users of Apple's Safari web browser. Given the threat this poses to Google's dominance of the global search business -- which accounts for more than half the company's top line -- shares of parent company Alphabet fell 8% on Wednesday after this possibility was revealed.
The pullback makes superficial sense. What if, however, the market overreacted by jumping to an unnecessarily bearish conclusion?
That's arguably what happened, making already beaten-down Alphabet shares even more attractive to anyone considering taking on a new position in this powerhouse name.
