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Demis Hassabis steps down as Google DeepMind CEO to become chair and Alphabet chief scientist, while Jeff Dean leaves after 27 years to co-found AI startup Discovery Loop with other key researchers. Alphabet shares dropped over 5% on the news.
Google is shaking up its AI leadership: Demis Hassabis becomes chair of Google DeepMind and chief scientist at Alphabet, Koray Kavukcuoglu steps up to lead DeepMind, and Jeff Dean leaves to start an AI-focused public benefit corporation called Discovery Loop.
Google announced major leadership changes at DeepMind: Demis Hassabis becomes Chair of Google DeepMind and Alphabet's Chief Scientist, Koray Kavukcuoglu takes over daily management of Gemini, and Gemini 4 is confirmed in development. Jeff Dean and Sanjay Ghemawat are leaving to form a public-benefit research company.
Jeff Dean, a key figure in Google and Alphabet's AI efforts, is leaving the company, marking a significant leadership change in the tech industry.
Google co-founder Larry Page said he would rather go bankrupt than lose the AI race, while Alphabet's expected capital expenditure over the next 12 months has skyrocketed to $250 billion.
Google's cloud revenue surged 82% to $24.8 billion, driven by enterprise AI adoption, justifying its massive AI spending. CEO Sundar Pichai highlighted strong momentum and long-term deals, with Gemini reaching 950 million monthly active users.
Alphabet shares fell 4% after a report that Google's flagship Gemini 3.5 Pro AI model is months behind schedule, with coding capabilities falling short of internal expectations as rivals like OpenAI and Meta release competitive models.
Alphabet's record $85 billion stock sale, heavily oversubscribed and earmarked for AI infrastructure, signals strong public investor appetite for AI, boding well for upcoming AI IPOs like Anthropic and SpaceX.
Alphabet plans to raise $80 billion through stock sales, including $10 billion to Berkshire Hathaway, to fund AI infrastructure and global compute, as the company ramps up capital expenditures to meet strong demand for AI solutions.
Alphabet announces an $80 billion equity capital raise to expand its AI infrastructure and computing capabilities, signaling a massive commitment to advancing AI technology.
Waymo has suspended freeway driving across all its US markets due to safety concerns about construction zones, and paused service in Atlanta and San Antonio over flooded roads, following a software recall related to driving through floodwaters.
Google I/O 2026 featured major AI updates including Gemini Omni video creation tool and new audio smartglasses; however, GOOGL stock dipped 2% as investors were not impressed.