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Alphabet Loses $200B in Market Cap After Gemini 3.5 Pro Falls Months Behind Schedule — GOOGL Closes Down 4.4% at $354

Jul 17, 2026

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Alphabet Loses $200B in Market Cap After Gemini 3.5 Pro Falls Months Behind Schedule — GOOGL Closes Down 4.4% at $354

Alphabet shares fell 4.4% to close at $354.46, erasing roughly $200 billion in market capitalization, after Bloomberg reported that Gemini 3.5 Pro — Google's most powerful AI model — is months behind its original June 2026 release schedule due to coding benchmark failures. Engineers and managers expressed concern that Google risks ceding ground to OpenAI and Anthropic. Alphabet reports Q2 earnings on July 22, making next Wednesday's call the next critical checkpoint for an AI roadmap update.

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