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[AINews] Google admits AI Mode hurts Search revenue; -15% $500B drop worst since 2004 IPO. AI Bear Market coming?
[AINews] Google承认AI Mode拖累搜索收入；-15%、$500B跌幅为2004年IPO以来最差。AI熊市将至？
Google's admission that AI Mode erodes Search revenue is the rare case where a product team's win shows up as a finance team's loss, shifting the decision to investors weighing $500B on that tradeoff.
Judgment
Google's product and finance leadership must decide whether to keep scaling AI Mode despite lower monetization, or slow its rollout to protect Search revenue—a tradeoff investors are now pricing with a $500B drop.
Basis
Chief Business Officer Philipp Schindler said strong AI Mode query growth “had an impact because of the lower monetization we were seeing in AI Mode.” The mechanism: AI Mode’s overview answers can satisfy a query without a click to an underlying page, so higher query volume does not translate proportionally into Search ad revenue. Google does not break out AI Mode in enough detail for rigorous analysis, per the source, but the admission coincided with a -15% and $500B drop—the worst since the 2004 IPO—and OpenAI raising at $1.25T rather than $1.4T.
Unclear The source does not quantify how much of the -15% decline is attributable to AI Mode versus other earnings results, nor does it give AI Mode’s revenue per query.
Next Watch Google’s next quarterly disclosure for whether it breaks out AI Mode monetization or query monetization separately from Search.