AI Eats its Own

NAB Morning Call · Oct 29, 2026 · 13m

Friday 30th October 2026

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Phil and NAB’s Gavin Friend explore a risk-off session across equity markets triggered by a fresh wave of artificial intelligence anxiety following Alphabet’s quarterly earnings. Alphabet tumbled nearly 13%—marking one of the largest single-day market-cap wipeouts on record—as investors grew alarmed by ballooning AI capital expenditure running alongside signs that conversational AI search tools are beginning to cannibalise its core advertising revenue. The resulting tech…