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Because Google's got its own version of ChatGPT and everybody thinks it'll do just fine incorporating it into its products?

And also ChatGPT hasn't made any significant headway into taking over Google's businesses?

The consensus seems to be that their stock has gone up due to laying off thousands of people, thus increasing their "efficiency". It's hard to tell how much it would be worth if ChatGPT wasn't a thing, but my guess is that it would be doing at least a bit better. To put it into words, post-2022 Google is a mildly handicapped version of itself.

EMH doesn't say stock prices reflect your feelings.

ChatGPT is talked about a lot but who is actually replacing search with it?

Also no one has poured more money into AI hardware and software than Google, it's pretty naive to think OpenAI/Microsoft has a huge lead by releasing a nice product a year or two earlier.

Their stock is up because the macro outlook is better and they've laid off tons of people which wall st always likes.