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Algorithm headaches at Google
Good morning, search savants. This is your Stock Market Rundown for February 23nd, 2024. Thanks for joining me once again. Let’s dig in:
TODAY’S TOP STORY: SEARCH STRUGGLES
Picture a foggy graveyard, and a gloomy tombstone with this inscription: Here lies Google, 1998-2024. It died of neglect, abuse, and spoiled-brat employees who farted around playing foosball instead of shipping.
Okay, maybe things aren’t quite that dire. Google still has a chokehold on web search, with over 90% market share. It’s not going anywhere.
But some executives are grumbling that Google has become ”a paralyzing bureaucracy” that’s too risk-averse to chase bold ideas. And research shows that Google search is getting less helpful as useful results are demoted, and ads prioritized.
That’s why some wags are referring to Google CEO Sundar Pichai as “the Steve Ballmer of Google”—a reference to the buffoonish exec who took the reins at Microsoft after Bill Gates, and ran the company into the ground.
One contender to replace Google: Perplexity AI. It’s a “conversational search engine”—a chatbot built on a neural network architecture. The founders wanted to create an alternative to traditional search engines that give you results stuffed with affiliate links and SEO spam.
I gave it a shot, and discovered it provides solid results to fact-based questions. But, as with every AI tool, it can suffer from occasional “hallucinations”, so you have to fact-check against the original sources.
Another alternative to Google? TikTok, which GenZ apparently uses as a search engine. Not sure I’d rely on TikTok as a source for mission-critical info, though it’s ideal if you want to see people doing a goofy dance or being covered with bees.
SO WHAT ELSE IS GOING ON?
From baristas to auto workers, labor power is causing a wave of unionization. Now, Disneyland theme park performers—the folks who wear those giant plastic Mickey Mouse heads—are on a union drive to demand some pay-increase pixie dust.
It’s not just your annoying in-laws extending their visit for another week—more and more travelers are planning longer stays. That has AirBNB beating earnings expectations, as nights booked for long-duration trips were up 20% last quarter.
A US senator accused airlines like American and United of being “credit card companies that fly planes,” based on the billions in fees they make from their frequent-flier programs. Frankly, considering how often airlines go bankrupt, it’s probably smart of them to have a side hustle that actually makes money.
Layoffs watch: Nike will cut 2% of its workforce to trim expenses, amid weak demand for its sneakers. The sportswear giant is struggling to compete with cool new brands like Alo and Hoka. Maybe they could try bringing back those shoes with the individual toes… those were hot.
That’s it for today and for this week, my friends; have yourselves a fantastic weekend, and let’s circle back first thing Monday morning. Yours in capitalism, The Axe