Shares of Alphabet Inc. (GOOGL) took a sharp turn lower midday Wednesday after a high-ranking Apple Inc. (AAPL) executive signaled that the iPhone-maker is exploring AI-powered search features for its Safari browser.
The stock, which was up as much as 1% earlier in the day, plunged nearly 5% following the remarks. Leveraged ETFs tied to the company saw even sharper losses. The Direxion Daily GOOGL Bull 2X Shares (GGLL), for instance, dropped nearly 10%.
The comments came from Eddy Cue,…
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