It's only been days since Microsoft (NASDAQ: MSFT) announced its ChatGPT-powered version of Bing, but Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) stock is already feeling the heat. 

Shares of the Google parent fell 12% over a two-day span last week after Microsoft unveiled the new version of Bing and as Alphabet's competitor, Bard AI, disappointed in its presentation due to a factual error.

Ever since the launch of OpenAI's ChatGPT last November, Alphabet has been rushing to come up with a response to protect its search empire. The company declared a "code red" over the threat, and co-founder Sergey Brin, who hasn't had a day-to-day position with the company in years, returned to the company to help develop a strategy.

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Source Fool.com