Alphabet Inc shares fell nearly four percent on Monday after a report that South Korea’s Samsung Electronics was considering replacing Google with Microsoft-owned Bing as the default search engine on its devices.
The report, published by the New York Times over the weekend, underscores the growing challenges that Google’s $162bn-a-year search engine business face from Bing – a minor player that has risen in prominence recently after the integration of the artificial intelligence tech behind ChatGPT.
Google’s reaction to the threat was “panic” as the company earns an estimated $3bn in annual revenue from the Samsung contract, the report said, citing internal messages.
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