In its letter, the investment management company highlighted that a future where people query computers via AI, especially voice-controlled AI, could bypass traditional search engines. This scenario would leave no space for advertisements, posing a significant threat to Alphabet's highly profitable search advertising business. Alphabet's shares have gained 83.32% over the past 52 weeks, closing at $362.43 per share on August 5, 2026, with a market capitalization of $4.43 trillion.