Alphabet Inc. has been one of the strongest performers in big tech stocks for most of the past year, and investors are betting that it will be one of the biggest winners of the AI boom. The company's stock price increased by more than 150% in the 12 months ending May 13, and reached a record high on the same day. It ranked among the 25 best-performing companies in the S&P 500 index during the same period, far outperforming the other “big seven tech giants.” Since then, however, the momentum has reversed. The market is beginning to worry about the loss of talent from Google's parent company, while questioning whether it is losing its lead in the AI field. Alphabet's stock price is currently down about 15% from its peak, and its market capitalization has evaporated by more than 700 billion US dollars, making it the single stock that has dragged down the S&P 500 index the most points during this period. The core of this round of sell-off is that Alphabet's position in the AI competition suddenly seems less stable. The company invested heavily in building AI infrastructure, and the release of the new Gemini AI model was delayed. These factors have dampened investor sentiment.

Alphabet Inc. has been one of the strongest performers in big tech stocks for most of the past year, and investors are betting that it will be one of the biggest winners of the AI boom. The company's stock price increased by more than 150% in the 12 months ending May 13, and reached a record high on the same day. It ranked among the 25 best-performing companies in the S&P 500 index during the same period, far outperforming the other “big seven tech giants.” Since then, however, the momentum has reversed. The market is beginning to worry about the loss of talent from Google's parent company, while questioning whether it is losing its lead in the AI field. Alphabet's stock price is currently down about 15% from its peak, and its market capitalization has evaporated by more than 700 billion US dollars, making it the single stock that has dragged down the S&P 500 index the most points during this period. The core of this round of sell-off is that Alphabet's position in the AI competition suddenly seems less stable. The company invested heavily in building AI infrastructure, and the release of the new Gemini AI model was delayed. These factors have dampened investor sentiment.