Investors have stopped giving AI spending the benefit of the doubt
Summary
Alphabet reported revenue up 25% and still missed, and the stock fell hard on it. Julie Hyman walks through where the quarter went wrong, and the three of them work out what advertising becomes when the buyer is a shopping bot rather than a person. Jake Conley has Microsoft beating on both lines, with OpenAI now worth about 11% of its revenue, and then the broad selloff that caught Samsung, Marvell, Fortinet and ServiceNow. Pras Subramanian covers DoorDash buying Instacart for $17 billion, and a New York Times report on a suspected Chinese intelligence asset close to Nvidia's chief executive…
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