Alphabet's market value drops by $700 billion

Alphabet's market value has fallen by more than $700 billion, after its share price declined by 15% from its May peak, making it the biggest factor weighing down the S&P 500 index during this period. These losses have dampened investor sentiment due to delays in launching the advanced model "Gemini 3.5 Pro," rising capital expenditures for building its computing infrastructure, and a wave of resignations and leadership departures within the AI sector. This includes experts leaving companies like Anthropic and OpenAI, as well as Demis Hassabis stepping down from the presidency of DeepMind. The market is also watching to see whether Alphabet can generate returns from its investments in data centers and processors, especially after raising $25 billion through bond issuance, amid expectations that cash flow pressures will continue due to high capital spending.

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