Google CEO Sundar Pichai gesturing with his hands while speaking to reporters outside of the White House.Image source, EPA
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Google CEO Sundar Pichai has backed the company's massive spending on AI.

ByKali HaysTechnology reporter
  • Published29 October 2026

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.

Google spooked investors so badly that its stock hit a six-month low, after it revealed its artificial intelligence (AI) summaries on search were affecting ad revenue.

Microsoft and Amazon also updated investors this week, and joined Google in plans to keep spending astronomical sums of cash in an ongoing AI race.