They revealed that they make less money on the AI Overview than traditional ads. Also they, supposedly, have no strategy to monetize AI use from their customers.

Edit: My bad, misread what the previous poster wrote. The explanation is still valid, though.

If you look at their historical price chart, what you call a "minor fluctuation" this is one if not the largest price changes in both absolute and relative terms of at least the last 5 years.

Also the trading volume was the largest since 2016.

Basically you're looking at an elephant and calling it a mouse.

It makes sense that a 12.6% stock price movement is a big thing for a company with that market cap and liquidity, since it has way less volatility that smaller companies because it takes way more money to move its price a mere 1%, plus the high liquidity means that the trading stack is far deeper and it's way harder for there to be a crunch because you can always find people willing to buy if the price falls enough (or, on the other direction, willing to sell if the price rises enough).

This ain't Joe's Corner Shop Inc.

That said, the price is still above a year ago, though by a mere 0.83%, so whilst this is a big price movement, it's far from having unwound the AI bubble stock price rise for Google - looking at its full historical price chart and roughly projecting the historical trend to present day, Alphabet stock price would have to fall around 50% more to return to historical trend and that's assuming that without the AI bubble it would have continued to go up as before rather than reduce to the typical growth rates of mature companies.

There was an article out about how ai search is 5 time more expensive than standard search, not sure where I saw it, but the whole stock market is basically gambling anyway, unless you have some kind of insider knowledge