Investors did not like what Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) management had to say when it announced its third-quarter earnings. While the company's massive cash burn gets all the attention as it builds more data centers to meet demand from AI developers, its cash cow, Google Search, has also raised some red flags. The Search business saw revenue growth decelerate sharply last quarter, climbing just 12% year over year, compared to 17% growth in the second quarter. Management warned that revenue growth could remain under pressure in the fourth quarter. That's led many to conclude that the rise of AI is finally starting to affect Alphabet's main profit center, which makes its massive AI build-out much riskier. Investors need to dig deeper than the headline numbers to determine exactly what's going on here. Here's what management had to say and what it means for patient, long-term investors.
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