Joseph Carlson cuts straight through the noise: “The bears are giving up on Google. The ChatGPT disruption narrative is dying before your eyes.”
That line captures what financial media will not admit. For over a year, headlines warned that AI tools like ChatGPT would gut Google’s dominance. If that were true, the big players would be exiting. They are not.
What the money is actually doing:
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Alphabet crushed earnings estimates again this quarter with strong advertising and cloud performance
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No meaningful spike in short interest on Alphabet despite the AI noise
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A Boston portfolio manager told Reuters after the report, “Google had an amazing quarter. It was an easy beat”
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Users are still defaulting to Google for AI-powered answers. ChatGPT links often send them right back to search
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There is no data showing ad dollars migrating away from Google at scale
The only thing that collapsed was the media’s favorite storyline. Institutional investors never bought the ChatGPT death-of-Google thesis. Retail traders got baited with headlines, while funds quietly kept their holdings.