HomeTechnologyGoogle Stocks Slide Amid Report That Samsung May Opt for Bing

Google Stocks Slide Amid Report That Samsung May Opt for Bing

Stocks in Google’s parent company Alphabet Inc. fell by 4.5% in premarket trading on Monday, marking its largest single-day decline in over two months. This comes after reports that Samsung may decide to replace Google with Bing as the default search engine on its new devices.

If Samsung does choose Bing over Google, this could lead to a loss of $3 billion in annual revenue for Alphabet. While Google has historically been the market leader in the search engine space, Bing has been threatening Google’s dominance following the addition of OpenAI’s ChatGPT to provide responses to users’ queries.

Google has been working on several projects in an effort to compete with Bing and OpenAI on the artificial intelligence front. This includes a new project called Magi, which involves the addition of AI capabilities to its existing features.

According to IDC data, Samsung shipped 261 million smartphones in 2022 running Google’s Android software. In addition to its contract with Samsung, Google also has an agreement in place, which the New York Times valued at $20 billion in annual revenue.

Euro Steadies as ECB President Promises Further Rate Hikes

The euro remained steady on Thursday after European Central Bank (ECB) President Christine Lagarde announced that further interest rate hikes would be implemented as...

Stocks Rise as House Passes Debt Ceiling Deal

U.S. stocks advanced on Thursday morning after the House of Representatives passed a bill proposing to raise the government's debt ceiling on Wednesday evening....

Macy’s Shares Fall After Annual Forecast Cut

Macy's Inc cut its full-year earnings and profit forecast after experiencing a slowdown in demand for its high-end products. The retailer's shares declined by...