Ever since ChatGPT exploded in popularity, investors have worried that artificial intelligence could weaken Google’s most important business.

Instead of searching for information and clicking through Google’s advertising-heavy results, consumers can increasingly ask an AI chatbot for a direct answer.

For Alphabet, the threat is real as Google Search is its financial engine, generating more than half of the company’s total revenue.

But with Alphabet set to report second-quarter earnings next week, new data suggests the feared disruption has not materialized yet.

Google’s traffic and search-market share remained stable in June, while its Gemini AI platform continued to gain users, according…