Google Has the #1 AI Model but the Stock Just Fell 12%

Google now has the number one AI model in the world. Gemini 4 Carbon tops the Artificial Analysis Intelligence Index two weeks after Gemini 4 Argon, and Google Cloud revenue more than doubled to $30.7 billion. So why did Alphabet stock open down nearly 12%? Search, the business that pays for everything, grew just 12% and fell below half of Google's revenue for the first time as AI Mode answers more questions and earns less per query. Add a quiet change to how Google charges advertisers, the exits of Jeff Dean and Demis Hassabis, and a paper loss on SpaceX, and the market isn't buying the comeback. Ejaaz thinks it's wrong.

We also cover Genie 4, Google's new world model, which uses the cheaper Gemini 3.8 Flash as its planner; Microsoft offering buyouts to 60,000 employees, its own AI teams included; SK Hynix selling out its memory through 2029; and China's STAR 50 tech index falling more than 40% since June.

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Timestamps
00:00 Google Has the #1 AI Model
01:58 Gemini 4 Carbon
03:51 Earnings: Cloud Doubles
04:39 Why the Stock Fell 12%
05:13 Search Drops Below 50%
06:29 $200 Billion in Capex
07:27 Can You Trust the Benchmarks?
08:19 The Ad Auction Change
09:42 Ads in AI Chat
10:29 Google's TPU Customers
11:55 Jeff Dean and Demis Hassabis
12:42 The SpaceX Loss
13:23 Genie 4
16:03 Microsoft's 60,000 Buyouts
18:40 SK Hynix Sold Out Through 2029
19:41 China's Tech Stocks and Final Thoughts

#ai #google #gemini #stocks #earnings

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