Instead, the company announced "Knowledge Graph Search," hereinafter known as KGS. It's a graphical method of developing searches on your own Facebook data and that of people you know. The more dependent you become on Facebook, the more friends you make there, the more value this delivers.
Your friends, photos, places and interests can all become searchable with this, so the stocks most hurt by this announcement were those, like LinkedIn (LNKD - Get Report) and Yelp (YELP - Get Report), that specialize in compiling recommendations.
Facebook gave some examples of what can be done. If you want to know where surfers in Laguna Beach go for coffee, what TV shows doctors like, or the music preferences of Mitt Romney's fans, there is now a way to do that. But you have to get in -- you have to "friend" these other accounts -- to get something out.What this tells me is that suspicion of Facebook, the tendency to seek privacy from sharing of data with other users, is as much a target here as anything. While this doesn't impact Google (GOOG) directly, it does so indirectly by giving Facebook users a feature Google Plus, that company's social network, doesn't have. Yet. Facebook credited two ex-Googlers, Lars Rasmussen and Tom Stocky, with leading its KGS team,