Alphabet Shares Rebound 1.4% As Google Denies AI Threat To Search Following Apple Testimony In DOJ Case

Alphabet shares rose 1.4% early Thursday as the company refuted claims that artificial intelligence is undercutting its search business, according to Barron's. The statement comes after Apple testified in a DOJ antitrust case that iPhone browser searches declined in April due to increased AI usage. Google said overall search queries, including those from Apple devices, continue to grow, driven in part by voice and visual inputs. Apple is exploring partnerships with AI search rivals like OpenAI and Perplexity. J.P. Morgan maintained an Overweight rating on Alphabet, calling the recent stock selloff “overdone.”