Alphabet's stock falls 12%+, wiping a record $500B from its market cap, after reporting negative cash flow amid its AI spending; the Nasdaq falls 1.4%+
THE SO WHAT
Public markets just put a hard price on going into "AI mode" at the expense of core search economics and free cash flow—$500B in market cap in a day. If you’re not printing hyperscaler-level cash, treat this as a ceiling on how far you can lean into AI capex without a clear, near-term monetization path.
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