OpenAI's ChatGPT kicked off the hype cycle in late 2022, and investors including Microsoft have since propelled the company to a $157 billion valuation. In July, OpenAI announced it would launch a search engine of its own. Perplexity is also promoting its AI-powered search service and recently closed a $500 million funding round at a $9 billion valuation.
Google is investing heavily to try and stay on top, principally through Gemini, its AI model. The Gemini app gives users access to a number of tools, including Google's chatbot.