Alphabet loses over $500bn in market value as AI search summaries hit ad revenue

Google 市值蒸发 5000 亿美元，AI 概要冲击搜索广告引发华尔街担忧

Alphabet lost more than $500bn in market value on Thursday and its shares fell nearly 13% after it disclosed that AI search summaries are affecting ad revenue. Quarterly revenue rose 25% year on year to $127.6bn, profit fell 25%, and free cash flow was negative by more than $9bn, with nearly all the new spending going to AI.

Why it matters: Google's AI search summaries cut into ad sales, and the parent company posted falling profit and a cash flow gap from AI spending even as revenue grew.