Is there an Google Search update going on? May 2023?

I am seeing a lot of fluctuations my websites and seems like there is some sort of update going on that Google has not announced? I have lost ranks from 1 and 2 to 4-7 on a few keywords just for one website. There doesn't seem to be an official announcement yet from Google.

You are correct there seems to be something happening since early this month. According to Search Engine Roundtable, there's a lot of chatter about something happening.

Source: https://www.seroundtable.com/google-may-search-ranking-update-35341.html

Will have to wait and watch. Some keywords haven't moved and others that were ranking have gone down and the ones not ranking have moved up.