Shares of Alphabet (GOOGL.US) tumble 8% as Apple (AAPL.US) plans to add AI functions to its Safari search. Markets expect that this move may be risky for Google dominant position in search. Despite solid Q1 earnings, Alphabet share price dropped again, testing mid-April lows. Apple plans to revolutionize Safari web browser on all devices, focusing on AI-powered search engines. Apple executive Eddy Cue testified in the U.S. Justice Department's antitrust case against Alphabet, saying that searches on Safari fell for the first time in April, because of users increasingly turning to AI. Investors see this as a signal, that Google position may change in the long term future.
Source: xStation5
