Alphabet Drops After Report OpenAI Developing Search Product
- The Google parent’s shares fall as much as 3.8% on Thursday
- Alphabet has faced concerns about risks to search from rivals
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Alphabet Inc. sank after a report that ChatGPT owner OpenAI is developing a web search product that would compete with Google.
OpenAI’s service would be partly powered by Microsoft Corp.’s Bing search engine, the Information reported, citing an unidentified person familiar with the matter. Alphabet fell as much as 3.8% on Thursday, far underperforming the Nasdaq 100, which dipped 0.3%.