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ChatGPT parent OpenAI is reportedly set to announce its AI-powered search product on Monday, potentially intensifying its rivalry with Alphabet Inc.’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google.
What Happened: The announcement, which is subject to change, has not been previously disclosed. It might coincide with the day preceding Google’s annual I/O conference, scheduled to commence on Tuesday, during which the technology powerhouse is anticipated to reveal numerous AI-related products, reported Reuters, citing two people familiar with the matter.
Previously, it was reported that Sam Altman-led OpenAI’s search product is an extension of the company’s AI-powered chatbot, ChatGPT, and allows it to directly pull information from the web and include citations.
OpenAI’s ChatGPT, a chatbot product that uses advanced AI models to generate human-like responses to text prompts, has been considered an alternative for gathering online information. However, it has faced challenges in providing accurate and real-time information from the web.
OpenAI’s ChatGPT product was previously integrated with Microsoft Corporation’s (NASDAQ:MSFT) Bing for paid subscribers. The Satya Nadella-led company initially invested $1 billion into OpenAI in 2019, followed by another investment in 2021. Last year, the tech giant further bolstered its support by adding $10 billion to the investment tally.
Meanwhile, Google has also introduced generative AI features for its search engine.
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Why It Matters: OpenAI’s move to develop a web search tool was first reported in February. At the time it was reported that OpenAI was taking assistance from Bing, to work on a web search tool aimed at offering direct competition to Google.
As of July 2023, Bing maintains roughly 10.51% of the global desktop search market, whereas Google, its primary competitor, holds approximately 81.95%. Concurrently, Yahoo represents 2.67% of the market share, according to German database company Statista.
Previously, Aravind Srinivas, the CEO of AI search engine startup Perplexity AI voiced assurance in the platform’s generative AI search capabilities, aiming to compete with industry giants like Google Bard (now called Gemini) and OpenAI’s ChatGPT.
In January 2024, The Browser Company unveiled Arc Search, an iOS application merging a browser, search engine, and AI to deliver a distinctive search experience.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo via Shuttershock
