A Google search told me:
"Google’s core Search revenue growth decelerated sharply to 12% year-over-year in Q3 2026, down from 19% in Q1 and 17% in Q2.
This sequential slowdown—culminating in a nearly $1.6 billion miss against Wall Street's 15% growth projections—triggered a historic 12.6% single-day stock plunge that wiped out roughly $500 billion in market value."

AI queries are cannibalizing ad revenue. In context, just a couple years ago revenues were growing at 12% and most analysts were bullish. Now ads are are down to "only" 12% and it is time to sell. Presumably, the worry is the tend of slowing growth will continue. BUT Google Cloud revenues, the AI portion of the business that is cannibalizing ads, were up over 100%. I'm not saying how long that rate of growth can or will continue, but if it does Cloud will be bigger than search in less than a year. Even at a mere 40% it will overtake search in two years. So maybe exchanging AI for search isn't such a bad deal.

Overall, revenues were up 25% with improving margins, which is pretty darn good. The sticky wicket is FCF, which went negative. But I think you could make the argument that if you can grow a segment at 100% you should invest every possible dollar you can.