Google search revenue growth slows to 12% as AI Mode monetizes poorly

Google's year-over-year search revenue growth fell from 17% in Q2 to 12% in Q3, which the company attributed partly to lower monetization in AI Overviews and AI Mode. Alphabet lost roughly $500 billion in market value despite $51.4 billion in quarterly capex on AI.

• Search revenue growth slowed from 17% in Q2 to 12% in Q3
• Alphabet shed roughly $500 billion in market value
• Alphabet's Q3 capital expenditures reached $51.4 billion
• Google will expand AI Overview ads and add multiturn ads in AI Mode