SPECIAL REPORTBEARISHPublished 03 Sept 2026

Alphabet Stock Slides Into Worst Run Since 2015 as Antitrust Ruling Lingers

A monopoly finding against Google and a delayed Gemini flagship are combining to weigh on Alphabet shares.

Regulation AI & SemiconductorsGOOGL GOOG

Executive takeaway

Alphabet shares are on their worst run since 2015, a stretch that coincides with an unresolved illegal-monopoly finding against Google and a Gemini AI flagship that has yet to ship the way CEO Sundar Pichai promised in June.

Alphabet's slide against the broader market. Alphabet shares have underperformed the S&P 500 during the stretch investors link to the antitrust overhang and delayed Gemini flagship; the chart shows how the two have diverged in recent months. — Alphabet's slide against the broader market
Alphabet shares have underperformed the S&P 500 during the stretch investors link to the antitrust overhang and delayed Gemini flagship; the chart shows how the two have diverged in recent months.
Live prices for GOOGL and ^GSPC

Alphabet's stock has entered its worst stretch since 2015, according to a report examining the fallout from a court finding that Google holds an illegal monopoly, a ruling the company has not fully resolved through appeal or remedy. The same period has seen investors grow impatient waiting for the Gemini flagship AI product that Pichai promised back in June. The two threads are separate legally but connected in investor sentiment: a company facing antitrust pressure at home while also needing to prove its AI product roadmap can keep pace with rivals. Neither issue has produced a resolution yet — the antitrust remedy process is still open, and no firm Gemini flagship launch date has been confirmed. What remains unresolved is whether the court's next steps on remedies, or an actual Gemini product launch, arrives first and which one moves the stock more.

What would change this view

If Alphabet ships the promised Gemini flagship product or a court ruling narrows the antitrust remedies against Google, the bearish framing on the stock's current losing streak would need to be revisited.

Wire sources cited

Yahoo Finance — NewsGoogle Was Found to Hold an Illegal Monopoly and Kept It Anyway. Is the Antitrust Nightmare Finally Over?
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Yahoo Finance — NewsSundar Pichai Promised a Gemini Flagship in June, and Alphabet Is on Its Worst Streak Since 2015
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Produced automatically by the INDY NEWS Desk from the public wire sources cited above, and checked against them before publication. Market commentary, not investment advice.