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ChatGPT app downloads are slowing down, BofA finds

Sam Altman, CEO of OpenAI

Win Mcnamee | Getty Images Records | Getty Images

AI would possibly perchance well well presumably be the freshest thing within the abilities exchange, however OpenAI’s ChatGPT is never any longer on race to discipline Google’s grip as the search engine leader, in accordance with novel prognosis from Monetary institution of The United States Securities.

Analysts chanced on that app downloads for ChatGPT and Microsoft Bing have slowed in recent weeks, citing Sensor Tower records, BofA analyst Justin Post wrote in a show camouflage Wednesday.

ChatGPT downloads on iPhones within the U.S. were down 38% month over month in June, in accordance with the show camouflage. Bing app downloads, which involves a ChatGPT-primarily based chatbot within the U.S., were also down 38% in June.

Google’s search engine market portion is a chunk up twelve months over twelve months at over 92%, in accordance with the show camouflage, citing SimilarWeb records. Microsoft’s Bing, which uses OpenAI’s ChatGPT abilities, became as soon as down 40 foundation facets on an annual foundation to about 2.8% of the market.

The slowing consideration for ChatGPT and identical stout language gadgets, or LLMs, highlights the investment risk for firms much like Google and Microsoft, which have funneled billions of dollars into the idea that that recent AI advances would possibly perchance well well presumably construct a subsequent-generation search engine to displace the recent winner. Both firms, to boot as other tech giants much like Nvidia, are also investing hundreds of millions in AI startups.

However if ChatGPT adoption is already slowing, it can well presumably present that the abilities couldn’t severely threaten Google’s dominance in search — and firms can also want to search out other applications for LLMs, much like in novel advertiser instruments, the analysts wrote.

“As for Google’s stock, LLM concerns for Google search have reputedly shifted from market portion risk to monetization risk, however with search portion reputedly healthy, Google would possibly perchance well well presumably have much less urgency to combine LLM (chat) outcomes into industrial queries,” Post wrote within the show camouflage.

The ChatGPT app became as soon as launched in Could perchance merely and to this level is straight away accessible only for iPhones. Monetary institution of The United States analysts comprise that a impending OpenAI app for Android would possibly perchance well well presumably boost adoption.

Moreover the app or Bing search engine, ChatGPT users can also additionally earn entry to the chatbot thru its web pages. Monetary institution of The United States analysts estimate visits to ChatGPT were down about 11% on a month-to-month foundation to correct over 51 million company per week, or only about 2% of Google’s estimated web traffic.

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