This Is Alphabet’s ‘Secret Portfolio’s’ Worst Performer and Google Is Helping Kill It

Core Insights - Alphabet is making significant advancements in artificial intelligence, particularly with its Gemini model and the recent launch of Project Genie, which creates interactive 3D environments from text or image prompts, causing concern among software stocks [2][9] Alphabet's Investment in Figma - Alphabet's secret investment portfolio acquired over 215,000 shares of Figma valued at $11.18 million at the end of Q3, but Figma's stock has since dropped approximately 58%, making it one of Alphabet's worst-performing public investments [4][6] - The total value of Alphabet's secret portfolio was $2.41 billion at the end of Q3, with Figma's position being relatively modest compared to its larger stakes in AST SpaceMobile and Planet Labs, which have seen significant gains [6][5] Figma's Market Performance - Figma's stock has experienced a dramatic decline of about 85% from its post-IPO high of $142.92, currently trading around $21 per share, which is a steeper drop compared to other software stocks affected by AI advancements [3][9] - Figma's business model, which focuses on cloud-based design and collaboration, is under pressure from AI developments like Google's Project Genie that automate design tasks [8][9]