US EditionGoogle Stock Drops $160 Billion As Apple Executive Suggests Google’s Safari Dominance May Be Waning
- Apple senior vice president Eddy Cue testified on April 24, 2024, in a federal antitrust trial in Washington addressing Google's search dominance on Apple devices.
- The testimony followed a Justice Department lawsuit accusing Google of illegally dominating online search and paying Apple up to $20 billion annually to be Safari’s default engine.
- Eddy Cue revealed that April 2024 marked the first occasion when the number of searches conducted through Safari dropped, a trend he linked to the growing popularity of AI-powered search tools such as ChatGPT, Perplexity, and Anthropic’s offerings.
- Alphabet shares dropped more than 7%, erasing about $140 billion in market value, while Apple shares fell around 2%, reflecting market concern over the partnership’s stability and AI competition.
- Cue indicated Apple plans to add AI-powered search choices to Safari and expressed doubts about the long-term revenue from Google, signaling possible shifts in Apple’s search strategy and advertising revenues.
29 Articles
29 Articles
An Apple executive sparked a Google stock selloff. Don’t panic, analyst says
Google (GOOGL) stock slid 7% on Wednesday after Apple’s (AAPL) head of services, Eddy Cue, dropped a bombshell during antitrust testimony: Safari search volume had declined in April for the first time in over two decades.Read more...
Google shares plunge after Apple executive's court testimony
Shares in Google parent Alphabet plunged more than eight percent on Wednesday after Apple executive Eddy Cue testified in federal court that Google's search traffic on Apple devices declined last month for the first time in over two decades.Cue, Apple's senior vice president of services, told the Washington antitrust trial that Google was losing ground to AI alternatives like ChatGPT and Perplexity.His revelation that this decline "has never hap…
Google shares plunge after Apple executive’s court testimony
Shares in Google parent Alphabet plunged more than eight per cent on Wednesday after Apple executive Eddy Cue testified in federal court that Google’s search traffic on Apple devices declined last month for the first time in over two decades.
Coverage Details
Bias Distribution
- 53% of the sources are Center
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
