Samsung's Potential Switch to Bing Causes Alphabet's Market Value to Plummet

Alphabet lost $55 billion in market value after a report suggested that Samsung may replace Google with Microsoft's Bing as the default search engine in its phones, putting about $3 billion in annual revenue at risk for Alphabet. Google has long held an essential monopoly on the search market, commanding a market share of about 90%. Samsung has a long-standing relationship with both Alphabet and Microsoft, and negotiations between Samsung and Microsoft are still ongoing and could still end up with Google as its default provider.