Google's parent company, Alphabet Inc., lost $120 billion in market value in a week due to concerns that artificial intelligence could weaken Google's position in search, which is its main source of revenue - Bloomberg.
Google pays Apple about $20 billion annually to remain the default search engine on the iPhone, but in April, the number of queries on Safari decreased for the first time. Users may be switching to alternatives like OpenAI and Anthropic. Alphabet's stock fell 7.3% on Wednesday and nearly 6% for the week.
