Google’s parent company, Alphabet, saw shares fall as much as 4% on Wednesday, marking the largest single-day decline for the stock in over two-months. The fall in prices was triggered by a report by the New York Times that Samsung, the South Korean electronics giant, was looking to transition away from Google, and toward Microsoft’s Bing as the default search product installed on its electronic devices.

Bing had been a minor player in the search sphere, however it has made a splash of late after its integration of Artificial Intelligence (AI) into its product. Microsoft, which is a primary investor and partner of research lab OpenAI, the creator of chatbot ChatGPT, added a similar chatbot to its product which is capable of having text conversations with users.

The potential transition by Samsung to Bing reportedly triggered a “panic” at Alphabet, as Samsung, the world’s largest smartphone maker, was threatening roughly $3 billion of the search giant’s $162 billion yearly revenue, according to internal messages the outlet cited. The New York Times noted that the contract between Alphabet and Samsung is still being negotiated, and the South Korean company could still remain with Google. The report noted there is a similar $20 billion contract with Apple, which will also come up for renewal this year.

The move demonstrates the pending shift toward AI in the search space, and how companies which dominate AI end up with a leg up in other sectors. Bing, which has historically been a minor player in a space which Google dominated with more than 80% of the market, has been able to advance its position considerably since the AI products it is associated with have gained market attention.

In an attempt to keep pace, Google has begun work on several programs to integrate new AI updates into its search services. Still analysts feel the company has fallen behind Microsoft in the AI competition.

Atlantic Equities analyst James Cordwell said in an interview with Reuters, “Investors worry Google has become a lazy monopolist in search and the developments of the last couple of months have served as a wake-up call.”

Despite Google’s efforts in the AI space, it has encountered hurdles, including a debacle in February, when its newly released Chatbot, Bard, collated inaccurate data in the product’s promotional video.