Google's Gemini 4 Carbon now holds the top spot on the Artificial Analysis Intelligence Index, arriving just two weeks after Gemini 4 Argon. Google Cloud revenue more than doubled to $30.7 billion. By the numbers, Google is winning the AI race.
The problem is structural. Search, the product that funds everything else, grew only 12% and fell below 50% of total Google revenue for the first time in company history. AI Mode is answering more queries and generating less ad revenue per answer. That is a substitution problem, not a growth story. Alphabet stock opened down nearly 12% because Wall Street can see the math.
This piece is worth reading in full for the detail on how Google quietly changed its advertiser pricing model alongside these results. That change, combined with the Search revenue floor breaking, is the real story underneath the benchmark wins.
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