Shares of (NASDAQ: GOOG) popped more than 10% this week, according to data from S&P Global Market Intelligence. The parent company of Google, YouTube, and Google Cloud rose after its annual product event called Google I/O, where executives announced dozens of product updates and new artificial intelligence (AI) features. As of 12:17 p.m. ET on Friday, shares of Alphabet are up 11.1% this week.

Investors had soured on Alphabet earlier this year when Microsoft decided to team up with OpenAI and bring its innovative conversational AI tool called ChatGPT to the Bing search engine. Google has dominated the search engine market for years, with this segment bringing in most of its operating profits, so any new threat to this business likely made investors nervous.

Alphabet has tried to assuage investor concerns by releasing its own conversational AI tool called Google Bard. At the Google I/O event, the company fully released the service to the majority of countries worldwide and made numerous AI updates to its services including Google Drive, Google Photos, and Google Translate. Investors likely saw this as a positive development in the battle with Microsoft. 

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Source Fool.com