Google (GOOG, GOOGL) on Wednesday unveiled a round of new AI-focused features for its Search, Maps, and Lens apps — and investors and experts weren't terribly impressed.
Shares of Google's parent company Alphabet fell nearly 8% on Wednesday in the hours that followed Google's presentation, shaving roughly $100 billion from the company's market cap. On Thursday, shares fell another 5%.
Wednesday's event was held in Google's Paris office just a day after Microsoft (MSFT) revealed its new version of Bing, which it's integrating with OpenAI's much-discussed ChatGPT. Google's dominance in search was once seemingly untouchable, and the numbers certainly reflect as much – Google has more than 80% market share, while Bing comes in at roughly 9%.
So, why did Google's presentation raise red flags with investors on Wednesday? SEO expert Lily Ray says it's a combination of things, starting with the fact that the company, in the end, didn't really announce much that was new.
"Honestly, it [felt] like things Google's already announced before," she said. The new features that Google executives focused on in the company's Wednesday presentation included things like "search your screen" for Google Lens, which was in beta in 2021.
The presentation also included the announcement that Google is rolling out its "multisearch" option globally. The feature allows users to take a picture of a green chair, for example, then type 'blue' to find the same chair available in blue for sale online....
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