Google admits AI Mode is dragging down search revenue; stock price drops 15%, market cap evaporates $500 billion
Latent Space AINews summarizes AI news from October 29 to 30, 2026. The core story is Google's earnings report: Chief Business Officer Philipp Schindler stated that while AI Mode queries are growing strongly, the monetization rate is lower, impacting search revenue. The stock price fell 15%, market cap evaporated $500B—the worst since its 2004 IPO—and triggered a broad decline in tech stocks.
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