Google's AI boost doesn't translate to ad revenue growth

google's search queries grew at their fastest rate in five years, but the company's search revenue growth slowed to 12 percent year over year in the third quarter. paid clicks growth slowed from 13 percent to 8 percent. google's ai makeover contributed to the slowdown, with ai mode queries growing strongly but monetizing at a lower rate than traditional searches. chief business officer philipp schindler said currency effects and changes in advertiser spending also drove the slowdown. alphabet shares have fallen 14 percent since the earnings report, as investors question the costs and returns of the company's ai ambitions.