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Alphabet (GOOGL) generates its largest single revenue stream from ads placed alongside Google search results. Users are now starting to search through AI, asking the system for answers and help with tasks. This shift could either expand the search business or erode what it earns. Alphabet has yet to show how much less an AI-answered search earns compared to an ordinary search.

AI Mode Searches Earn Alphabet Less So Far

Management has said strong growth in AI Mode queries held back Search revenue in the third quarter of 2026, because those searches brought in less advertising money. Executives cited this dynamic as one reason Search growth…