This past week was a big win for the Google bears, but we’re sticking with our bullish bet on Alphabet stock.The company’s shares have dropped 5.9% this week after Apple‘s senior vice president of services,

Shares of Google parent Alphabet plunged Wednesday after an Apple executive reportedly said the iPhone maker is looking to add AI-powered search options to its Safari browser, and suggested they could eventually replace search engines like Google's.

Consequently, Alphabet's P/E multiple is the lowest among its top competitors in the digital advertising space, meaning its stock is the best value. Facebook parent Meta Platforms is second only to Google in the digital ad industry, while Amazon is in third place.

With shares down almost 8%, Google lost more market cap Wednesday than the total valuation of Nike or Starbucks.

Testifying during the ongoing federal antitrust trial against Google's parent company, Alphabet, Apple's Eddy Cue delivered a potentially damaging assessment.

Alphabet said it continues to see growth in search volumes despite Apple flagging a threat from artificial intelligence.