Traders Hope Alphabet’s Pixel Event Can Stem $360 Billion Rout

Alphabet Inc. investors are anxiously awaiting a Google hardware event on Tuesday — banking on new AI features to help stop a selloff that’s wiped out more than $360 billion in market value in just one month.

Google is unveiling one of the biggest redesigns of its Pixel phones in their nearly decade-long history at an event starting at 10 a.m. in Mountain View, California. While the devices are usually an afterthought for investors because of their small revenue contribution relative to Google’s digital advertising business, expectations are high that new AI capabilities could demonstrate leadership in the highly competitive arena.