Google and Reddit share prices plummet on the same day; AI search monetization challenges hit the open web.

Casey Newton analyzes the stock market crash that hit both Google and Reddit on the same day. Alphabet's share price fell 12.6%, wiping out approximately $500 billion in market value—the second-largest single-day drop in history. Executives admitted that AI Mode monetization is weaker than traditional search, even though AI Mode has about 1 billion monthly users and search revenue still grew 12% to $63.35 billion.