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Concerns of Alphabet investors likely 'overblown' as Apple’s testimony causes knee-jerk sell-off: OCBC

Michael Ryan Tan
Michael Ryan Tan • 3 min read
Concerns of Alphabet investors likely 'overblown' as Apple’s testimony causes knee-jerk sell-off: OCBC
"Alphabet dominates the online search market and we expect Google to maintain its leadership position in the search space,” OCBC states. Photo: Bloomberg
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"For the first time ever in about 20 to 22 years, our search volume actually went down last month. If you ask what's happening, it's because people are using ChatGPT and Perplexity (AI). I use it at times.”

These were the words of Apple’s senior vice president of services, Eddy Cue, as he testified at an antitrust trial regarding Google being accused of illegally monopolising the advertising technology market.

His words during the testimony later inadvertently caused shares of Google’s parent company, Alphabet Inc, to slide about 9% on May 7.

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