Google's ChatGPT competitor is a big deal, but the company's earnings point to near-term struggles, Gene Munster says

• Google's ChatGPT competitor is promising, but the company still faces near-term struggles, Gene Munster said.
• Analysts will need to revise their earnings expectations down over the next few months, he predicted.
• "I think that the numbers for the March quarter need to come down," Munster said. 

Google's plans for a ChatGPT competitor are a big deal, but the company will still face struggles as earnings expectations come down for the coming quarter, according to Deepwater Asset Management's Gene Munster.