After Apple (AAPL) disclosed that searches in its devices’ internet browsers had fallen for the first time ever last month, well-known investors Josh Brown and Joe Terranova, speaking on CNBC, said that the news was significantly negative for Alphabet Inc. (GOOG) and GOOGL stock.

Josh Brown is the CEO of Ritholtz Wealth Management, while Terranova is a Senior Managing Director for Virtus Investment Partners.

Brown’s Take on the News

Brown, who sold all of his GOOG stock last month, said that AAPL’s statement is “extremely significant” for Alphabet Inc. (GOOG).

As a result of AAPL’s revelation, the duopoly in internet ads that Alphabet Inc. (GOOG) and Meta (META) had enjoyed for many years is now on uncertain ground, he believes. The investor noted that Alphabet Inc. (GOOG) and META had historically combined to account for 70% to 80% of all internet ad dollars.

Calling Apple’s statement “a watershed moment,” Brown said that “for the first time, Google finds itself competing in core search.”

Terranova’s Take on the News

The internet search business is GOOG’s “cash cow” and its “primary business,” Terranova noted.

For a number of years, there has been a great deal of concern that the tech giant was not effectively dealing with the emerging competition to its search business, the investor noted. And now Apple’s statement   constitutes evidence that AI models are taking market share from GOOG’s search engine, he warned.

“That is a really big deal fundamentally,” Terranova concluded.

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Disclosure: None. This article is originally published at Insider Monkey.