ALPHABET shares rose more than 150% over the prior year and hit a record high on
May 13 after a 3.9% gain. Since the peak the stock has slipped 15%, erasing
about $692bn of market value and becoming the second-largest drag on S&P 500
point returns over the period. Investors cite talent departures and a perceived
weakening of ALPHABET’s AI lead; heavy spending on AI infrastructure and delays
to the new Gemini model have further dented confidence.
