Alphabet's stock falls 12%+, wiping a record $500B from its market cap, after reporting negative cash flow amid its AI spending; the Nasdaq falls 1.4%+ (Stephen Morris/Financial Times)

Stephen Morris / Financial Times: Alphabet's stock falls 12%+, wiping a record $500B from its market cap, after reporting negative cash flow amid its AI spending; the Nasdaq falls 1.4%+ — Google owner admits ‘AI mode’ has hurt traditional search as sales and profits undershoot expectations