Why Alphabet Stock Rallied Monday Morning – The Motley Fool
Data suggests Google’s search market share remains stable.
What happened
Shares of Alphabet (GOOGL 1.58%) (GOOG 1.80%) turned higher Monday, gaining as much as 2.1%. As of 1:59 p.m. ET, the stock was still up 1.2%.
The catalyst that sent the tech giant higher was an analyst report that suggested that, for now at least, its search market share was secure.
(1.58%) $1.43
Current Price
$92.06
GOOGL
Key Data Points
$1,163B
Volume
26,051,390
41,930,353
So what
In late January, Microsoft (MSFT 3.19%) confirmed a “multiyear, multibillion-dollar investment” in ChatGPT-creator artificial intelligence (AI) start-up OpenAI. In February, the company went even further, saying it was infusing the AI-infused chatbot into its Bing search engine. At the time, some market watchers suggested this might be just the boost Bing needed to challenge Google’s dominant search — but it appears those prognostications were a bit too optimistic.
Bank of America analyst Justin Post has done some digging and come…
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