谷歌承认AI Mode拖累搜索收入，市值暴跌15%
原标题：[AINews] Google admits AI Mode hurts Search revenue; -15% $500B drop worst since 2004 IPO. AI Bear Market coming?
AI 摘要
谷歌首席商务官Philipp Schindler在财报电话会上承认，AI Mode查询的强劲增长因变现能力较低而对搜索收入造成影响，叠加其他不佳财报，引发科技股大幅下跌，市值蒸发约5000亿美元、跌幅15%，为2004年IPO以来最差表现。同期Anthropic将Max订阅档位更名为Max（100美元/月）和Ultra（200美元/月），并取消Ultra的5小时会话限制；谷歌DeepMind发布Gemini 4 Carbon模型和Genie 4世界模型，Mistral发布1T参数、1M上下文的Mistral Large 4。
正文节选
As an engineer-focused newsletter we only very rarely let financial stories through (our last example was Jan 2025), but when this is about the future of Google and Google Search, with a recently departed AI leadership, you cannot not care. At its heart is the tension between overview pages and underlying pages they summarize. Any good enough summary obviates the need for you reading the source. Google’s Featured Snippets or Knowledge Panels have long had that tension with the publishers that su