Alphabet (GOOGL) fell about 13% in early trading Thursday after third-quarter results, putting it on track to erase more than $400 billion in market value, the second-biggest one-day loss ever for a US-listed company behind Nvidia's roughly $593 billion on Jan. 27, 2025. Google Cloud revenue more than doubled to about $31 billion and the Gemini app passed 1 billion users, but search revenue rose 12% to about $63 billion, short of the roughly $65 billion estimate. Free cash flow swung to a loss of about $9 billion as AI spending climbed, and the company's stakes in AI labs also weighed. Pivotal Research CEO Jeffrey Wlodarczak said bears will argue AI is starting to seriously hurt the search business, while CFRA's Angelo Zino said the pullback probably represents an opportunity. Alphabet has lost more than $1.3 trillion since its May record, and Amazon's results after Thursday's close will show whether the problem is specific to Google's search business.
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earningsGOOGLAI investmenttech stocksQQQ
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Related tickers and likely impact
GOOGL
▼ Likely negativeAlphabet Inc. (Class A)
Relevance: high
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $4.0T |
| Close on 10/28/2026 | 325.61 |
| Change that session | +1.57% |
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/28/2026 | 725.59 |
| Change that session | +0.60% |
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/28/2026 | 772.35 |
| Change that session | +0.35% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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