Alphabet shares fall after Turkish authorities launch probe into Google ad tools

Alphabet's GOOGL.O shares are down ~2.5% at $169.05 on Fri after Turkey's antitrust authority said it will launch a probe into Google's Performance Max (PMAX)

GOOGL is on track for the third straight session of losses, the biggest daily pct loss since May 7 and lowest close since early June

Turkish regulators will determine if the AI-powered ad campaign product violates competition laws, it said on Friday.

Google's PMAX uses AI and automatically finds the best placements for a brand's ads across Google services including email, search and YouTube

GOOGL is down ~11% YTD compared with the Nasdaq .IXIC, which is up ~1% in the same period