Alphabet stock, down for most of the day, saw its losses accelerate as Google CEO Sundar Pichai concluded the Google I/O keynote address.

Shares were down 2% after the event ended. Investors have been focused on Google's efforts and updates around AI and how it plans to solidify its place in search. But many of the AI products announced by Alphabet won't come for a few months.

Google's headline announcement was the implementation of AI into search, what the company is calling "AI Mode."