Despite a strong day in the broader market, shares of Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL) traded roughly 2.8% lower as of 12:59 p.m. ET today. The move came after ChatGPT's parent company, OpenAI, teased the launch of its artificial intelligence (AI) -powered web browser, ChatGPT Atlas.

OpenAI’s ChatGPT currently boasts 800 million weekly active users; however, Google still retains a monopoly over the search engine space, with an approximate 80% market share, according to research.

Alphabet (Google) stock soared past a $3 trillion valuation. Discover why its real AI growth, dominant Search, and Cloud division make it a compelling buy now

Alphabet's stock still trades at a discount compared to its peers. The good news sent shares soaring, with the stock up over 30% since reporting Q2 earnings. That's a monstrous move for a large company like Alphabet (it's currently the fourth-largest company in the world and recently crossed the $3 trillion valuation mark for the first time),

Discover why Alphabet’s AI, cloud, and cybersecurity growth may outpace forecasts. Learn about GOOG stock’s strong value and upside ahead of Q3 earnings.