Alphabet's stock plunged 13% in a single day after the company released its third-quarter earnings report, wiping out about $500 billion in market value. The drop dragged down major U.S. stock indexes and heightened market concerns over the cost of AI infrastructure investment and its ability to generate returns. In the quarter, revenue growth in Google's core services business and search advertising revenue both fell short of expectations, operating expenses exceeded forecasts, and free cash flow was negative. As AI changes how users obtain information and disrupts the traditional search advertising model, Google is accelerating adjustments to its search business and exploring advertising monetization models for AI search. Meanwhile, OpenAI continues to expand ChatGPT's advertising business, which now covers 89 countries worldwide, with more than 100,000 advertisers having placed ads on the platform, although brand-related spending is still mainly based on test budgets. The market is watching whether Google will subsequently introduce ads into the Gemini chatbot. Relevant institutions believe that Alphabet may not be able to boost market confidence in the fundamentals of its search business and its AI monetization capabilities until the first half of 2027, and its share price may still have room for further decline.