India, Aug. 5 -- Google shares fell nearly 4% after the company announced major leadership changes in its AI-focused DeepMind division. Alphabet's Class C (GOOG) stock was trading at $361.58 with Class A (GOOGL) stock trading at $364.67. Despite Wednesday's drop, Google shares are still up 86% over the past year and 15% year to date.

Google's stock has been supported by strong AI growth, with AI-related revenue rising 82% year over year in its latest quarter. However, the company is also facing challenges after delaying its Gemini 3.5 Pro AI model and increasing its capital spending plans, according to Bloomberg.

The stock decline came as Google unveiled a major leadership shake-up in its AI division, with DeepMind CEO Demis Hassabis ta...