Alphabet's earnings miss is the first real sign AI is taking a bite out of search. When the core franchise is the issue, the tape pays less for the rest of the story. $GOOGL

What happened: Alphabet reported an earnings miss that included weaker-than-expected revenue from its core business, and Wall Street sold off the stock. Why it matters: CNBC framed the miss as the first real sign that AI is taking a bite out of search, pointing to pressure on the company's core business.

Alphabet reported an earnings miss that included weaker-than-expected revenue from its core business, and Wall Street sold off the stock.

CNBC framed the miss as the first real sign that AI is taking a bite out of search, pointing to pressure on the company's core business.