GOOGL: Alphabet Stock Tanks 3% as OpenAI Unveils Search Engine SearchGPT

Week of unfortunate events for Google wiped out nearly 9% of its value — a failed takeover attempt, earnings letdown, and now this.

• Shares of Google parent Alphabet GOOGL sank 3.1% Thursday after another batch of bad news knocked the share price. Investors were still digesting the underwhelming earnings report for the second quarter when ChatGPT parent OpenAI blasted its new product — search engine SearchGPT. OpenAI said this new AI-powered platform will give users ““fast and timely answers with clear and relevant sources.”
• ”Give me a break,” Google probably, after it got hit with the news that OpenAI has finally rolled out its potential archrival. A day earlier, Alphabet stock dipped 5% after the tech titan delivered not-too-bad earnings data but failed to impress investors who were hungry for more. And before that, the week kicked off with startup Wiz rejecting Google’s bold $23 billion acquisition bid. What a week — 9% of Alphabet’s value has been washed out.
• Let’s get the lowdown of SearchGPT — still a prototype, OpenAI’s search engine aims to give users a new way to search information online “in a more natural, intuitive way.” And yes — follow-up questions will be possible, “just like you would in a conversation.” The company plans to eventually integrate it into its game-changing chatbot ChatGPT. For now, the tool is being tested by a small group of users and is not available to the public.