Significant drop in stock price for parent company Google, one of the largest stock falls ever

Alphabet's stock plummeted by 13% on the New York Stock Exchange, resulting in a loss of nearly $500 billion in value. This significant drop followed the release of disappointing quarterly results, revealing a negative cash flow of $9.1 billion. Investors are concerned about declining ad revenues and high investments in AI development. Analysts warn that the rise of chatbots like ChatGPT could lead to a loss of market share for Google, as users increasingly turn to these alternatives instead of the search engine. Additionally, Google's own AI features may cannibalize its traditional search results, further impacting ad revenue.