Alphabet Down 3% in Premarket After Reports of Samsung Ditching Google for Bing
Market Musing-g

Alphabet Down 3% in Premarket After Reports of Samsung Ditching Google for Bing

4m
1 year ago

According to a NYT report, Samsung could replace Google Search with AI-Powered Bing. The post Alphabet Down 3% in Premarket After Reports of Samsung Ditching Google for Bing appeared first on Tokenist.

Alphabet Down 3% in Premarket After Reports of Samsung Ditching Google for Bing

Tabla de contenidos

Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
After 12 years, Samsung could replace Google as the default search engine on its devices, pushing the tech company’s shares down over 3% in the premarket. According to New York Times, the world’s biggest smartphone maker was considering switching to Bing, Microsoft’s search engine that recently implemented new artificial intelligence (AI) features.

Google in “Panic” Amid Samsung-Bing Rumors

Shares of Google’s parent company, Alphabet, are down more than 3% premarket at the time of writing following the New York Times report that Samsung was considering replacing Google as the default search engine on its electronic devices with Microsoft’s Bing. Microsoft’s stock was up over 1.5% in the premarket.

The move would place at risk around $3 billion in annual revenue for Google, according to NYT. The report, citing internal messages between Google employees, said the company’s reaction to the possible switch was “panic.”

Google’s success for years has overshadowed Microsoft’s Bing, but it became increasingly attractive when the web search engine recently implemented sophisticated AI technology. Bing recently implemented GPT-4 – a deep-learning model that accepts text and image prompts to generate human-like responses.
OpenAI, an AI research laboratory behind the impressive chatbot ChatGPT, developed this large language model. Earlier this year, Microsoft invested $10 billion in OpenAI.
Join our Telegram group and never miss a breaking digital asset story.

Google’s Search Business Under Threat

AI-powered search engines such as the reinvented Bing are currently the most serious threat to Alphabet’s Google, which has dominated the search business for decades. According to NYT, the latest AI craze has forced the tech giant to start developing a brand-new AI-powered search engine and upgrading the existing one with AI features.

The report said that the immense success of OpenAI’s ChatGPT in recent months urged Google to create a separate task force in its search unit to start developing AI products and services. Since its launch in November, ChatGPT has become the fastest-growing consumer app in the world, reaching 100 million monthly active users in just two months. Other tech companies, such as China-based Baidu also recently announced plans to launch ChatGPT rivals.
Meanwhile, the South Korean electronics giant has not officially confirmed the NYT report about Samsung possibly replacing Google with Bing. Also, it remains unclear whether Microsoft’s recent AI efforts were the main reason why Samsung considered the switch after 12 years, though that was what Google employees were speculating, according to NYT.
Finance is changing.
Learn how, with Five Minute Finance.
A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
Awesome
You’ve subscribed.
You’re well on your way to being in the know.

Do you think Google could lose its place as the leading search engine if its AI efforts fail? Let us know in the comments below.

0 people liked this article

Related Articles

Market Musing-g
Nigerian app drivers’ union threatens million-man protest over Bolt and Uber’s plot to have their...
A Nigerian e-hailing drivers union, the Amalgamated Union of App-based Transport Workers of Nigeria (AUATWON), has threatened to…
1 year ago
4m
Market Musing-g
Nike’s .Swoosh To Get Its First “Our Force 1” Airdrop on April 18th
Nike’s Tuesday airdrop will offer early access to all recipients for the “First Access sale” of the upcoming “Our Force 1” NFT collection. The post Nike’s .Swoosh To Get Its First “Our Force 1” Air...
1 year ago
5m
Market Musing-g
Apple partners with Goldman Sachs to launch high-yield savings account
Apple Card has officially launched a new high-yield savings account for users, offering about 4.15% APY, according to a press release issued today. Apple highlights that this rate is “more th...
1 year ago
2m
Blog
Avalanche (AVAX) Gains 17% Week-to-Date, What’s Next?
The price of Avalanche (AVAX) has surged 17% in just one week. Find out what's driving this growth and what could be next for the AVAX cryptocurrency.
1 year ago
2m
Market Musing-g
“Right to mine” crypto bill about to pass into law in Montana
The “right to mine” crypto bill has passed its third reading in the Montana State House of Representatives, so it only now remains for the Governor to sign the bill in order for it to b...
1 year ago
2m
Market Musing-g
Avalanche price analysis: As the price soars to $20.6, AVAX Bulls record higher gains of up to 6....
The Avalanche price analysis shows a bullish trend. AVAX/USD is the top gainer among the top 20 cryptocurrencies on the market today. The AVAX bulls quickly moved the price from $20.1 to $21.1, but...
1 year ago
4m