Shares of Alphabet ( GOOGL -1.02%) ( GOOG -0.92%) sank after Apple executive Eddy Cue said that searches on Safari declined for the first time ever in April. Cue attributed the decline to people using more artificial intelligence (AI) chatbots and predicted that AI search engines will eventually replace traditional search.

Alphabet said it continues to see growth in search volumes despite Apple flagging a threat from artificial intelligence.

With shares down almost 8%, Google lost more market cap Wednesday than the total valuation of Nike or Starbucks.