Apple says AI engines like ChatGPT are cutting into Google search, but Google says that's not true. Both arguments could be true.

Stocks of Apple and Google’s parent company, Alphabet, fell sharply on Wednesday after Apple’s senior vice president of services, Eddy Cue, said he believes artificial intelligence (AI) tools will eventually replace traditional search engines like Google.

Apple's plans to add AI-powered search options to its Safari browser are a big blow to Google, whose lucrative advertising business relies significantly on iPhone customers using its search engine.