Skeptics on Wall Street think the rise of ChatGPT could pose an existential threat to Google Search.

Ever since OpenAI introduced ChatGPT to the public a few years ago, some Wall Street analysts have sounded the alarm for Alphabet ( GOOGL -1.02% ) ( GOOG -0.96% ) . The concern is straightforward: As consumers increasingly turn to chatbots to answer queries, Alphabet's long-standing dominance in Google Search could face disruption.

Since the bulk of the company's revenue comes from advertising fees tied to search, any erosion in Google's market share seemingly poses an existential threat to Alphabet's financial engine. On the surface, this bearish narrative is compelling. But the reality is far more nuanced.

Alphabet's financial resilience, strategic partnerships, and p

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