The stock fell about 15% from its May peak amid questions over executive departures, model delays and rising infrastructure costs.
Alphabet has lost more than $700 billion in market value since its May peak as investors reassess the company’s position in the artificial intelligence race.
The stock is down about 15% from its record high after rising more than 150% in the previous 12 months. Alphabet shares were down less than 1% in early trading Thursday, according to Bloomberg.
Investor concerns include a series of high-profile departures from Google. Two senior employees joined Anthropic and OpenAI, Jeff Dean left to launch a startup with several colleagues, and Demis Hassabis stepped down as Google DeepMind’s chief executive to become chairman.
Alphabet’s shares fell 4% on Aug. 5 after the leadership news, wiping $186 billion from its market value in a single session.
The company is also facing delays to Gemini 3.5 Pro, particularly as it works to improve coding capabilities. Alphabet released Gemini 3.7 Flash two weeks ago without providing a timetable for the larger model.
Google said its AI momentum and shipping velocity were at an all-time high, citing Gemini 3.7 Flash’s growth and more than one billion downloads for Gemma. Alphabet’s infrastructure spending remains under scrutiny after a $25 billion bond offering in early August.
