US EditionGoogle shares plunge 7% as Apple exec cites AI competition
- Alphabet shares fell sharply by over 7% on Wednesday amid growing concerns about AI competition impacting Google's search business.
- The decline followed testimony by Apple’s Eddy Cue, who said Apple is "actively looking at" adding AI-powered search options to Safari, challenging Google's dominance.
- Google's stock broke below a key lower trendline of a bearish rising wedge pattern with above-average volume, signaling a continuation of the downtrend toward support levels near $141 and $131.
- Alphabet shares closed near $152.80 after tumbling 7.51%, with the company’s paid click growth slowing to 2% year-over-year in Q1 2025, while Apple receives around $20 billion annually from Google’s default Safari search deal.
- The stock’s drop suggests investor fears that AI tools from companies like OpenAI and Perplexity may erode Google’s search market share, pressuring its advertising revenue and prompting close monitoring of upcoming antitrust trial outcomes.
33 Articles
33 Articles
A Google stock panic, Microsoft vs. Amazon, and Jamie Dimon on tariffs: Markets news roundup
Google (GOOGL) stock slid 7% on Wednesday after Apple’s (AAPL) head of services, Eddy Cue, dropped a bombshell during antitrust testimony: Safari search volume had declined in April for the first time in over two decades. Read more...
The Mercury news
Alphabet shares take $120 billion blow as search warnings blare
(Bloomberg/Jeran Wittenstein and Ryan Vlastelica) — For more than a year, Alphabet Inc. shareholders have fretted over long-term risks posed by artificial intelligence to the company’s money-printing search business. This week the threat became much more immediate. Court testimony from an Apple Inc. executive on Wednesday revealed that the iPhone maker is exploring adding AI services to its web browser for which Google now pays an estimated $20 …
Alphabet Shares Take $120 Billion Blow as Search Warnings Blare
For more than a year, Alphabet Inc. shareholders have fretted over long-term risks posed by artificial intelligence to the company’s money-printing search business. This week the threat became much more immediate.
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