Google Search Dominance Withstands Early AI Wars Despite ChatGPT and Bing Updates

• Analysts believe AI apps are changing how people find and digest information, but see little evidence that Alphabet's search dominance is threatened.

• Despite launches of ChatGPT and updates to Microsoft's Bing, Google has maintained over 90% market share, seemingly due to launching its own AI chatbot Gemini.

• Alphabet recently beat earnings estimates, with Search and YouTube ad revenue still growing double-digits, signaling its business remains strong.

• Analysts see Google's core ad business well-positioned to benefit from AI, with its cloud business also poised to profit from companies using AI.

• With P/E multiples still below historical averages, analysts see upside for Alphabet stock if AI leads to earnings rising faster than expected.