For most of the past year, Alphabet Inc. stood out among major tech stocks, with investors betting on it as a prime beneficiary of the artificial intelligence boom. Over the 12 months ending May 13, the company's stock price surged more than 150%, hitting an all-time high that day and ranking among the top 25 performers in the S&P 500 during the same period, far outpacing other members of the 'Magnificent Seven' tech giants. However, the tide has since turned, with market concerns mounting over a brain drain at Google's parent company and doubts about its leading position in AI. Currently, Alphabet's stock price has dropped about 15% from its peak, erasing over $700 billion in market value and making it the biggest drag on the S&P 500 during this period.