Published - May 23nd, 2023 @ 11:30 AM (GMT+2 )
Bank of America strategists believe that Alphabet, the parent company of Google, is poised for further growth in the search engine market. Despite the recent launch of ChatGPT's iPhone app, Google's web visits continue to outpace its competitors. The analysts reiterated their "buy" rating for Alphabet stock, projecting a climb to $128, citing Google's dominance in online web visits.
Google's Search Engine Supremacy
Bank of America analysts highlight Google's significant lead in the search wars, with online web visits ranging from 2.6 billion to 3 billion on May 17th. This far surpasses the visit numbers of competitors such as Bing and ChatGPT.
ChatGPT's Limitations in Current Events and External Links
While ChatGPT's new iOS app received substantial downloads within its initial days, Bank of America downplays its impact on Google's traffic. The analysts note that ChatGPT still needs to provide real-time answers on current events and needs more support for external links, which they consider advantages that Google holds.
Google's web visits outpace Bing and ChatGPT
- Google's online web visits range from 2.6 billion to 3 billion, demonstrating its search engine supremacy.
- Bing's visits have decreased by 11% month over month, while ChatGPT's visits have dropped by 5%.
Bard's growing user visits as Google's alternative to ChatGPT
- Bard, Google's answer to ChatGPT, has experienced a 346% month-over-month increase in user visits.
- However, it still lags behind ChatGPT with only 6.6 million visits.
Samsung's Partnership Strengthens Google's Position
Samsung recently announced that its smartphones would continue to use Google as the default mobile search engine. This partnership further solidifies Alphabet's dominant position in the search space.
Bank of America remains optimistic about Alphabet's stock growth potential, underpinned by Google's unrivalled position in the search engine market. While ChatGPT's new iOS app gained initial traction, Google's superior web visits, its advantage in providing real-time answers and supporting external links, and its partnership with Samsung all contributed to Alphabet's continued success.
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