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Alphabet value plunges by $500bn as AI fears rattle Wall Street
Google parent Alphabet lost just over $500bn (£374bn) in value on Thursday after it rattled Wall Street with its last update of the year on its business operations.
Summary
Google AI is eating its core business - search At first glance, the quarterly results of Alphabet, the parent company of Google, were not at all bad. That new level of spending is almost entirely dedicated to Google's AI investments. The sale of ads that appear alongside Google Search results is the vast majority of Alphabet's business.
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