Samsung Electronics Co. is reportedly considering replacing Google with Microsoft’s Bing as the default search engine on its devices. This could be a really, really big deal for the two search titans.
In 2021, Samsung sold more than 272 million smartphones worldwide. Their product line extends even further than that. Samsung is responsible for a long list of other smart products including smart TV’s, speakers, appliances, kitchen packages, watches, tablets, and much more.
Level Up Your Trading
Get a custom-designed trading program tailored to your individual needs, skill level, and schedule.
In total, this puts around $3 billion in annual revenue for at risk for Google. The stock market is watching these developments closely. Shares of Alphabet, Google’s parent company (GOOG, GOOGL), opened roughly 4% lower. Microsoft (MSFT), on the other hand, opened more than 1.3% higher.
Negotiations are still ongoing, and Samsung may decide to keep Google as its default provider. Google is reportedly working on updating and renewing its search services by adding artificial intelligence features to its existing offerings, under a project named Magi.
This is in response to the threat posed by Microsoft’s Bing, which has recently escalated with the addition of OpenAI’s technology to provide ChatGPT-like responses to user queries.
Let us show you how to find Unusual Options Activity
Everything you’ve ever wanted to know about Unusual Options Activity—in one convenient insider’s guide.
As we march closer into earnings season, talks of AI will likely dominate the conversation. Alphabet and Microsoft are both slated to report Q1 earnings on April 25th, meaning anything said or reported by one of the respective companies could have a direct impact on the shares of their rival.
