AIFinancial Times1h ago
Alphabet's stock falls 12%+, wiping a record $500B from its market cap
Alphabet's stock falls 12%+, wiping a record $500B from its market cap, after reporting negative cash flow amid its AI spending; the Nasdaq falls 1.4%+
TL;DRGoogle's stock crashed 12% after missing earnings due to heavy AI spending and declining search profits.
Why it matters: Signals investor doubt about AI ROI and threatens the ad-dependent business model funding tech's AI race.
Google owner admits ‘AI mode’ has hurt traditional search as sales and profits undershoot expectations
Read full articleSource: Financial Times · Opens in new tab