韩媒转述Alphabet近期因AI竞争力疑虑和人才流失较高点蒸发约6900亿美元市值

Shares of Alphabet, the parent company of Google, have wobbled sharply in recent weeks after Warren Buffett said not buying the stock when it was cheaper had been a mistake. Doubts about the company's competitiveness in artificial intelligence and an exodus of key talent have combined to erase about $690 billion, or roughly 960 trillion won, from Alphabet's market value since its peak.
"Should Have Bought Earlier" — No. 3 in Berkshire's Portfolio
Alphabet was one of the stocks Berkshire Hathaway bought most aggressively this year.
According to Reuters, a quarterly filing Berkshire submitted to the U.S. Securities and Exchange Commission on the 14th showed the firm held about 106 million Alphabet shares at the end of June, up 83% from 57.8 million three months earlier.
Berkshire poured about $10 billion, or roughly 14 trillion won, into the stock in the second quarter alone. Its Alphabet holdings swelled to $37.8 billion, or about 53.6 trillion won, making the company Berkshire's third-largest equity investment after Apple, at about 91.4 trillion won, and American Express, at about 71 trillion won.
Berkshire bought $23.5 billion of stock and sold $3.7 billion during the quarter, ending 14 straight quarters of net selling. Roughly half of its net purchases went into Alphabet.
Buffett, who stepped down as chief executive in January, said last month that he made the decision to invest in Alphabet himself. Because he had previously cited his failure to recognize Google's business potential as a mistake, the belated large bet drew wide attention.
What Happened to Alphabet — 960 Trillion Won Erased
The rally has since stalled. According to Bloomberg, Alphabet shares had risen more than 150% over the 12 months through May 13 before turning lower.
Its market capitalization, which hit a record $4.84 trillion, or about 6,700 trillion won, at that point, had shrunk to $4.15 trillion, or about 5,740 trillion won, by the 27th. That amounts to about $690 billion, or roughly 960 trillion won, wiped out in a little more than three months, with the stock down nearly 15% from its high.
Bloomberg pointed to the departure of key AI researchers, delays in the next-generation Gemini model and deteriorating cash flow from massive AI infrastructure spending.
Jeff Dean, a central figure in Google's AI strategy, left the company early this month to start a venture with colleagues, and Demis Hassabis stepped down as chief executive of DeepMind to become chairman. Alphabet shares fell 4% in a single day on the 5th, when the news emerged. Several other core researchers had earlier moved to rivals including OpenAI and Anthropic.
Concerns about the AI model race have also grown. With the release of Gemini 3.5 Pro pushed back, the company unveiled only the lightweight Gemini 3.7 Flash on the 13th. Free cash flow has turned negative amid heavy capital spending, and a $25 billion corporate bond issue, or about 34.6 trillion won, early this month has added to the strain.
Google pushed back, saying growth momentum in its AI business and the pace of product releases are at all-time highs. It said Gemini 3.7 Flash is showing the fastest growth in its history and that downloads of its Gemma models have topped 1 billion.
Morgan Stanley Sees $400 — TPUs and Gemini 4 Are Key
On Wall Street, however, some analysts still see substantial room for growth. Morgan Stanley maintained an overweight rating and a $400 price target on Alphabet, TheStreet reported on the 26th.
The firm was particularly upbeat on the growth potential of Google's in-house AI chip, the tensor processing unit. It raised its revenue forecast for TPU sales to $27 billion per gigawatt from $20 billion and lifted its expected gross margin to 30% from 20%.
Morgan Stanley projected TPU system sales will expand from 0.3 gigawatts in the second half of this year to 3.2 gigawatts in 2027 and 4.2 gigawatts in 2028. On that basis, it expects Google Cloud to account for 48% of Alphabet's total earnings before interest and taxes by 2028.
The bank also flagged the next-generation Gemini 4 as a potential turning point. If the model, expected late this year or early next year, narrows the performance gap with rivals, it could restore investor confidence, according to the analysis. Gemini currently has about 950 million monthly active users, closing the gap with ChatGPT.
Bloomberg said the recent decline also reflected rotation as money moved into other technology stocks. Whether concerns about Alphabet's AI competitiveness materialize, or whether the company Buffett belatedly bet on rebounds on the strength of its TPUs and next-generation Gemini, will determine the direction of the stock.