It's not easy to lose $150 billion in two days, but Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) did just that earlier this month after investors began to absorb the threat from ChatGPT.

The combination of Microsoft's (NASDAQ: MSFT) launch of its new ChatGPT-powered Bing search engine, and Alphbaet's own disappointing release of its competing product, BardAI, wiped 12% off of Alphabet's stock as the market reassessed the threat facing Google Search, the company's primary cash cow.

While ChatGPT does have the potential to turn the tables in search, there's another, more insidious risk facing Alphabet that shouldn't be ignored.

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Source Fool.com