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Dear Reader,
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Regards,
Sarah Williams
Associate Editorial Manager, Banyan Hill Publishing
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This ad is sent on behalf of Banyan Hill Publishing. P.O. Box 8378, Delray Beach, FL 33482. If you would like to unsubscribe from receiving offers for Strategic Fortunes, please click here.
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The sell-off on June 22 told a precise story. Alphabet (GOOGL) fell as much as 7.2% intraday — the steepest intraday drop since February — and closed down about 6.2%. The Nasdaq fell 1.32%. That divergence is the whole point. This was not a simple sector move. It was a company-specific repricing driven by two names, a record-sized equity raise tied to AI infrastructure spending, and a market that suddenly started asking questions it had been willing to set aside.
Noam Shazeer departed to OpenAI on June 18. John Jumper left for Anthropic on June 19. Two world-class researchers. One week. A market that had been comfortable with “talent war noise” suddenly wasn’t.
The numbers underneath this company, however, are still exceptional. That tension is the trade.
Market Context
The macro backdrop coming into this week was already complicated. Following last week’s FOMC meeting, investors continued to debate how soon the next hike could arrive. The S&P 500 closed Monday at 7,472.79, down 0.37%. The Nasdaq settled at 26,166.60. Big tech broadly had a rough session, with Alphabet and Amazon among the notable drags.
Thursday brings May PCE data — the Fed’s preferred inflation gauge. Core PCE is expected to rise on the month, according to economists polled by FactSet. That reading will either confirm or challenge the rate trajectory investors are currently pricing. For a company like Alphabet that is simultaneously funding an aggressive AI infrastructure buildout and defending its AI leadership position, the macro environment arriving into Q2 earnings could not be more complicated.
The Two Departures
Let’s be specific about what was lost, because the market reaction only makes sense in that context.
Noam Shazeer is one of the co-authors of the landmark 2017 paper “Attention Is All You Need” — the research that introduced transformer architecture, the foundational technology underpinning ChatGPT, Gemini, Claude, and virtually every modern large language model. Google paid $2.7 billion through the Character.AI acquihire in 2024 to bring him back. Less than two years later, he’s at OpenAI.
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