Alphabet rallies as Google Search unfazed by challenge from Microsoft's Bing

FILE PHOTO: The logo of Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo

(Reuters) - Alphabet rallied more than 5% on Wednesday on signs its dominant Google Search business was faring well in an uncertain advertising market and remained unscathed in the face of competition from an AI-powered Microsoft Bing.

The world's fourth most valuable firm was on track to add more than $80 billion to its market capitalization. Its shares have rallied 39% this year on the hype around artificial intelligence.