Here I was planning a perfectly lazy Friday, but Google had to go and sh*t the bed. Given I wrote a book that came out right after the company went public, I can’t ignore the fact that GOOG just dropped more than 12 percent yesterday – erasing nearly half a TRILLION dollars from its market cap along the way. That’s 20 times more than Google’s market cap on the day it debuted 22 years ago. Oof.
GOOG is not bouncing back this morning – it’s down another 1+ percent, and its peer companies are also taking it on the chin. Google’s steep decline wasn’t an anomaly. Wall Street has finally seen proof what we’ve all been talking about for years: Google’s core business is showing vulnerability in the transition from traditional search to AI-driven answer engines.
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