Alphabet Inc. is facing increasing challenges in the competitive landscape of artificial intelligence, which has negatively impacted its stock performance this year. Concerns have been heightened as Google's global search market share has dipped below 90% in six of the past seven months, indicating a shift in user habits and competitive pressure. Additionally, there are worries regarding CEO Sundar Pichai's focus on the Google Cloud business, which holds a distant third place with only 12% market share, rather than enhancing consumer-facing products. Despite Alphabet's low stock multiple, these ongoing AI-related concerns continue to weigh heavily on the company's financial outlook.