Alphabet CEO Sundar Pichai announced on Tuesday that Google’s artificial intelligence services are reaching unprecedented global usage levels, with AI Overviews — the company’s AI-powered search summaries — now serving 2 billion monthly users across more than 200 countries and territories.

The announcement came during Alphabet’s Q2 2025 earnings call, where Pichai outlined the company’s ongoing momentum in scaling consumer-facing AI products.

The new milestone marks a significant jump from the 1.5 billion monthly users recorded in May, highlighting how quickly AI Overviews has embedded itself into Google’s core search experience. The feature, which presents summarized answers to queries using generative AI, has become central to Google’s strategy to transform search from a traditional list of blue links to a dynamic, conversational interface.

“We continue to see strong growth and engagement,” Pichai said, adding that daily requests for Gemini — Google’s flagship generative AI model — have grown over 50% since Q1.

The Gemini app itself now boasts 450 million monthly active users, while AI Mode, a conversational layer embedded into Google Search, has surpassed 100 million monthly users. AI Mode was initially launched in the U.S. but has since expanded into India and is being rolled out in more regions.

In a move aimed at deepening user interaction, Google plans to upgrade AI Mode with new features such as Deep Search, which allows for more comprehensive research capabilities, and personalized responses based on user preferences and behavior — further tightening the integration between users and AI-generated content.

Beyond consumer tools, Google is also scaling its AI ecosystem for developers. The company reported that over 9 million developers have built applications using Gemini models, and interest continues to rise. Meanwhile, Google’s text-to-video tool, Veo 3, has been used to create more than 70 million videos since May. Within Google Workspace, Google Vids, powered by Veo, now has nearly 1 million monthly users.

AI-driven productivity tools are also seeing growing adoption. Over 50 million users have used AI-powered note-taking in Google Meet, which includes features like real-time summarization, follow-up task suggestions, and automated action items — all driven by Google’s in-house AI models.

To underscore the scale of its generative AI systems, Alphabet revealed that its infrastructure is now processing 980 trillion tokens per month — more than double the 480 trillion tokens handled in May. This metric illustrates the explosive growth in AI workload and the heavy computing demand these services now place on Google’s infrastructure.

Despite the remarkable growth, Alphabet’s Q2 2025 financial results presented a more complicated picture for investors. The company reported revenue of $84.7 billion, up 14% year-over-year, and net income of $23.7 billion. However, shares dipped more than 6% after Pichai confirmed that capital expenditures reached $11 billion for the quarter and would rise even further in the second half of the year to accommodate AI infrastructure expansion.

“We are seeing significant demand for our comprehensive AI product portfolio,” Pichai said. “This is all possible because of the long-term investments we’ve made in our differentiated, full-stack approach to AI.”

While investors remain cautious about the cost implications, the company’s AI bet is clearly gaining traction across both consumer and enterprise segments. From Search to Workspace, Gemini to Veo, Google is staking its future on building and scaling AI tools — and the numbers now prove that users are coming along for the ride.

MARA Holdings, the world’s largest publicly traded Bitcoin mining company, announced plans to raise $850 million through zero-coupon convertible senior notes due in 2032 to expand its Bitcoin treasury, which currently holds 50,000 BTC, valued at approximately $5.9 billion. The offering includes an option for initial purchasers to buy an additional $150 million, potentially increasing the total to $1 billion.

Up to $50 million of the proceeds will be used to repurchase existing 1% convertible notes due in 2026, with the remainder allocated for Bitcoin purchases, capped call transactions, and general corporate purposes. This move follows MARA’s strategy of combining mining with strategic Bitcoin acquisitions, a response to profitability pressures from the April 2024 Bitcoin halving, which reduced mining rewards. Despite a Q1 2025 net loss of $533 million, MARA reported a 30% revenue increase to $214 million. The company’s stock dipped 5.79% after the announcement, though it has seen a 38% surge over the past 30 days.

MARA’s aggressive acquisition of Bitcoin (aiming to increase its 50,000 BTC holdings) signals a long-term bet on Bitcoin’s value appreciation. This “HODL” strategy, where mined and purchased Bitcoin is held rather than sold, positions MARA as a quasi-Bitcoin ETF, appealing to investors seeking crypto exposure without direct ownership. By using debt to fund Bitcoin purchases, MARA leverages low-interest convertible notes (0% coupon) to capitalize on potential Bitcoin price surges, potentially yielding high returns if Bitcoin’s value rises significantly by 2032.

The April 2024 Bitcoin halving reduced block rewards, squeezing miner profitability. MARA’s pivot to Bitcoin accumulation diversifies its revenue model beyond mining, mitigating the impact of lower rewards and high operational costs (e.g., energy and hardware). This strategy could set a precedent for other miners, encouraging a shift from pure mining to hybrid models combining mining with strategic crypto investments.

MARA’s move reinforces Bitcoin’s narrative as a store of value, potentially boosting market sentiment. Large corporate purchases often drive bullish price action, as seen in past instances with companies like MicroStrategy. However, the 5.79% stock dip post-announcement suggests investor skepticism about the risks of heavy Bitcoin exposure, especially given MARA’s Q1 2025 net loss of $533 million despite revenue growth.

The use of convertible notes and capped call transactions reflects sophisticated financial strategies to manage dilution and share price volatility. This could attract institutional investors but also increases financial complexity and risk if Bitcoin prices stagnate or decline. Some shareholders may view MARA’s Bitcoin-heavy strategy as speculative, preferring stable cash flows from mining operations. The stock’s post-announcement dip suggests concerns about over-leveraging or exposure to Bitcoin’s volatility.

Bitcoin maximalists and crypto enthusiasts likely support MARA’s move, seeing it as a bold endorsement of Bitcoin’s long-term value. This aligns with the ethos of holding Bitcoin as a hedge against inflation or fiat devaluation. Many traditional companies remain wary of cryptocurrencies due to regulatory uncertainty, market volatility, and accounting complexities (e.g., Bitcoin’s treatment as an intangible asset requiring impairment tests).

Firms like MARA and MicroStrategy embrace Bitcoin as a core treasury asset, prioritizing long-term upside over short-term stability. This divide highlights differing risk appetites and views on Bitcoin’s role in corporate finance. Smaller or less capitalized miners may stick to traditional mining, focusing on operational efficiency and cost-cutting to survive post-halving economics.

Larger miners like MARA, with access to capital markets, can afford to diversify into Bitcoin holding, creating a competitive gap. This could lead to industry consolidation, as smaller miners struggle to compete. MARA’s move may attract regulatory scrutiny, as large corporate Bitcoin holdings could raise questions about financial stability or market manipulation. Conversely, it could normalize corporate crypto adoption, encouraging other firms to follow suit.

Public perception is split: crypto advocates see it as validation, while critics view it as a risky bet that could destabilize MARA if Bitcoin underperforms. MARA’s purchases could reduce Bitcoin’s circulating supply, potentially driving prices higher, especially if other corporations follow. However, a bearish market could strain MARA’s balance sheet, given its debt-financed strategy.

MARA’s $850 million raise to buy Bitcoin is a high-stakes move that strengthens its position as a Bitcoin bull but widens the gap between crypto-optimistic and risk-averse stakeholders. It reflects a broader tension in how businesses navigate the evolving role of cryptocurrencies in finance.