On Wednesday, the stock of GoPro Inc (NASDAQ: GPRO), the action camera maker witnessed a dip of over 6% after Alphabet Inc (NASDAQ: GOOGL), Google, the search giant made its announcement about a brand new product. Not surprisingly, the new product is a smart video camera. The announcement appears to highlight Google's bid to get into the hardware segment and grab the market share there. Google has made other moves in this arena, but this is the first significant one so it will be interesting to see how things unfold in the future for the brand.

The camera is touted to be designed as a regular camera that completely acts as a standalone and also as a clip-on addition to another object where it will automatically take pictures of pre-determined objects. The captured footage can be downloaded using wireless technology; there is an app that helps the users to do this using their smartphone, be it Apple or Samsung or Google. There is also online storage space provided for storing the captured videos which can be used to create stills too.

Google's hardware endeavors are not unknown to the public, but this is the first time that the search engine giant is unveiling a standalone camera from its brand umbrella. As expected, the product hinges heavily on machine learning technology, meaning that the camera will auto start recording when specific pre-programmed actions are identified by it. The standalone camera is to be called 'Clips'; Google made the announcement while also giving out updates about a slew of other products.

By moving out from its well-established niche in the search arena, Google is now taking on big brands like Amazon and Apple by adding products like the camera, smartphones, and laptops to its line. The camera gives Google a clear route to take on contenders like GoPro and Snap which both have the Hero5 Session and Spectacles respectively in this niche already. Immediately following the announcement by Google, GoPro stock went down by 6.3% while Snap fared far better with a much smaller dip of 0.75%. However, it must be noted that Snap's major revenue source is its social media and sales. The pricing announced for Clip shows that it matches with GoPro's Hero 5 Session, though priced much higher than Snap's Spectacles.