Alphabet Stock Climbs After Google Defends $20B Apple Deal
May 8 - Alphabet's (GOOG, Financial) Google is in full defense mode after Apple's Eddy Cue recently testified that searches on Apple's Safari browser have dipped, partly due to the rise of AI-driven alternatives. This is significant because Google has a $20 billion deal in place to be the default search engine for Safari, making Apple a critical partner in its search dominance.
In a recent blog post, Google tried to calm investor nerves, saying it's still seeing "overall query growth in Search," thanks to more traffic from Apple devices and the growing use of features like voice search and Google Lens.
The stakes are high for Google. It's not just about keeping Apple happy – the company is also fighting a high-profile antitrust case with the U.S. Department of Justice over its dominance in search and digital advertising.
After Apple's comments, GOOGL stock dropped 7%, though it has since clawed back 1.5% in morning trading. Even so, the stock is still down almost 10% year-to-date, reflecting broader market jitters.
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