After overcoming an initial stumble over its artificial intelligence (AI) launch earlier this year, Alphabet's (NASDAQ: GOOG) (NASDAQ: GOOGL) stock has put up impressive results through 2023. There's new competition in search from ChatGPT and Bing, which is now powered by ChatGPT technology, and while Bard AI may have won over critics, it could be hard for the company to pivot to an AI-first search model and still preserve its advertising business. There are also signs that the digital advertising market, which is the source of nearly all of Alphabet's revenue, may be maturing.