Alphabet lost just over $500bn (£374bn) in value on Thursday after revealing that its AI summaries are hitting search advertising revenue. Chief business officer Philipp Schindler said “AI mode”, where Google answers questions conversationally, is eating into the money it makes from ads next to traditional search results. He still said he feels “very good about our trajectory”, while millions of people now turn to tools like ChatGPT and Claude instead. Do you still Google things, or have you switched to AI?

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