Google says AI Mode drags on search revenue as stock falls 15% and $500B in market value is wiped out

[AINews] Google admits AI Mode hurts Search revenue; -15% $500B drop worst since 2004 IPO. AI Bear Market coming?

Google acknowledged that AI Mode's lower monetization weighed on search growth. The stock fell 15% and about $500B in market value was erased, a drop the headline calls the worst since its 2004 IPO. Chief Business Officer Philipp Schindler said strong growth in AI Mode queries drove the effect.

Why it matters: Google now ties AI Mode's query growth to weaker monetization, so the traffic conflict between AI summaries and source pages has reached its own revenue.