Alphabet, valued at $1.95 trillion, faces a 20% drawdown as OpenAI and its ChatGPT services emerge as formidable competitors in the search engine market. Despite a significant decline in stock price, Alphabet reported record revenues, indicating strong performance amid rising competitive threats. OpenAI's rapid growth poses a threat to Google's dominance, with it amassing 800 million users. However, analysts predict a massive growth in the AI and search engine sector, potentially allowing both firms to flourish alongside one another in a market expected to exceed $1 trillion by 2030.
OpenAI has turned into a fast-growing competitor to Google Search, reportedly having 800 million users, yet Google Search continues to generate substantial revenue.
Analysts expect the industry to be worth well over $1 trillion by 2030, suggesting the market can accommodate multiple winners despite competitive threats.
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