WORLDTECHAlphabet's value falls $500 billion after weak quarter amid AI chatbot competition
Alphabet, the parent company of Google, has lost about $500 billion in market value after underwhelming third-quarter financial results, according to a report by Crypto Briefing. The decline is linked to growing competition in artificial intelligence from chatbots.
Share price drop behind the valuation loss
Crypto Briefing reports that Alphabet's market value has dropped by $500 billion following its third-quarter results. The fall is attributed to a 12-13% decline in the company's share price.
The outlet links the sell-off to increased competition in AI from chatbots, naming OpenAI's ChatGPT and Anthropic's Claude as the products pressing on Google's position.
Search revenue growth slows
According to the report, Google recorded a slowdown in the growth of its search advertising revenue. Lower monetisation from its own AI Mode, which has not met expectations, compounded the weakness.
Google is an Internet and software company based in Mountain View, and its products and services include Google Search, the core business under pressure in the report.
What the reporting does and does not establish
The account rests on a single outlet, Crypto Briefing. Its reporting describes the market value drop and the stated causes, but the underlying figures are presented in that outlet's account alone.
Open questions
- Will Alphabet's search advertising growth recover in coming quarters?
- Can AI Mode monetisation be improved to meet expectations?