ChatGPT app downloads are decreasing, BofA discovers

ChatGPT app downloads are slowing down, BofA finds

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Sam Altman, CEO of OpenAI

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AI might be the most popular thing in the innovation market, however OpenAI’s ChatGPT is not on rate to obstacle Google’s grip as the online search engine leader, according to brand-new analysis from Bank of America Securities.

Analysts discovered that app downloads for ChatGPT and Microsoft Bing have actually slowed in current weeks, pointing out Sensor Tower information, BofA expert Justin Post composed in a note Wednesday.

ChatGPT downloads on iPhones in the U.S. were down 38% month over month in June, according to the note. Bing app downloads, that includes a ChatGPT-based chatbot in the U.S., were likewise down 38% in June.

Google’s online search engine market share is somewhat up year over year at over 92%, according to the note, pointing out SimilarWeb information. Microsoft’s Bing, which utilizes OpenAI’s ChatGPT innovation, was down 40 basis points on a yearly basis to about 2.8% of the marketplace.

The slowing attention for ChatGPT and comparable big language designs, or LLMs, highlights the financial investment threat for business such as Google and Microsoft, which have actually funneled billions of dollars into the concept that current AI advances might produce a next-generation online search engine to displace the present winner. Both business, in addition to other tech giants such as Nvidia, are likewise investing numerous millions in AI start-ups.

But if ChatGPT adoption is currently slowing, it might show that the innovation might not seriously threaten Google’s supremacy in search– and business may need to discover other applications for LLMs, such as in brand-new marketer tools, the experts composed.

“As for Google’s stock, LLM concerns for Google search have seemingly shifted from market share risk to monetization risk, but with search share seemingly healthy, Google may have less urgency to integrate LLM (chat) results into commercial queries,” Post composed in the note.

The ChatGPT app was launched in May therefore far is readily available just for iPhones. Bank of America experts think that an upcoming OpenAI app for Android might increase adoption.

Besides the app or Bing online search engine, ChatGPT users can likewise access the chatbot through its site. Bank of America experts approximate sees to ChatGPT were down about 11% on a regular monthly basis to simply over 51 million visitors each week, or just about 2% of Google’s approximated web traffic.