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Sam Altman, CEO, OpenAI
Wayne McNamee | Getty Images News | Getty Images
Artificial intelligence may be the hottest thing in the technology industry, but OpenAI’s ChatGPT is not out of the way Google as the search engine leader, according to a new analysis from Bank of America Securities.
Analysts have found that app downloads for ChatGPT and Microsoft Bing have slowed in recent weeks, citing Sensor Tower data, BofA analyst Justin Post wrote in a note Wednesday.
ChatGPT downloads on iPhones in the US fell 38% month over month in June, according to the note. Downloads of the Bing app, which includes a ChatGPT-based chatbot in the US, also fell 38% in June.
Google’s search engine market share rose slightly year over year to more than 92%, according to the note, citing similar data. Microsoft Bing stock, which uses OpenAI’s ChatGPT technology, is down 40 basis points annually to about 2.8% of the market.
The slow interest in ChatGPT and similar large language models, or LLMs, highlights the investment risks for companies like Google and Microsoft, which has poured billions of dollars into the idea that recent advances in artificial intelligence could create a next-generation search engine to unseat the current winner. Both companies, as well as other tech giants such as nvidiaIt also invests hundreds of millions in AI startups.
But if ChatGPT adoption is indeed slowing, that could indicate that the technology may not seriously threaten Google’s dominance in search — and companies may have to find other applications for LLM, such as in new advertiser tools, the analysts wrote.
“For Google stock, LLM for Google Search’s concerns have apparently shifted from market share risk to monetization risk, but with search share sound, Google may have less urgency to incorporate LLM (chat) results into business queries,” he wrote. Post in a note.
ChatGPT was released in May and so far it is only available for iPhones. Bank of America analysts believe that the upcoming OpenAI app for Android could boost adoption.
Besides the app or the Bing search engine, ChatGPT users can also access the chatbot through its website. Bank of America analysts estimate that visits to ChatGPT are down about 11% month-over-month to just over 51 million visitors per week, or only about 2% of Google’s estimated web traffic.
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