Google Stock Rises as Bank of America Reports Steady Web Traffic

The stock of Google's parent company Alphabet (GOOGL) rose 1% on September 8 after a report from Bank of America stated that Google's internet traffic remains steady in the face of competition from AI chatbots.

According to Bank of America, global daily average web visits via the Google search engine increased by 3% year-over-year to 2.8 billion in August.

In contrast, OpenAI's ChatGPT saw a decline of 5% year-over-year to 181 million daily average visits, while Google's own Gemini AI chatbot experienced 261% year-over-year growth in web traffic.

Justin Post, a top-rated analyst at Bank of America, wrote that August data suggests 'Google traffic and user growth remained largely stable,' which is positive news for the technology giant.