On the day Google's new Gemini 4 Carbon model topped an intelligence index, parent company Alphabet's stock fell 12.6 percent, wiping out about $500 billion in market value in its worst day as a public company.
Google's new AI model had just won on a leaderboard, and on the same day the parent company's stock fell 12.6 percent, about $500 billion in market value, its worst day ever.
The sharpest detail was a line from the earnings call: the more people use AI Mode, the less money Google makes from it than from traditional search.
What I find more interesting is the Reddit ripple: with search traffic falling, it will now make users log in to read.
A loop is closing. Google's AI answers keep value on its own pages, sites lock their content and sell access, and Google pays to license it. In the end nobody can get around Google, but the web gets smaller.
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