Alphabet shares fell more than 10% in pre-market trading after its third-quarter earnings missed Wall Street estimates, a drop that could be one of the biggest market-value declines ever given the company's roughly $4 trillion valuation. A 10% decline would equal about $400 billion in value. Advertising revenue and YouTube both missed expectations, and EPS was hit by a paper loss on its SpaceX investment. Capex for the quarter was $51.36 billion, below the $55.09 billion estimate, yet Alphabet kept its 2026 capex guidance and projects $300 billion for 2027. Pepperstone's Chris Weston said the market is questioning how much investors should pay for Alphabet's AI opportunity, given the substantial cash flow costs of building it.
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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: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/28/2026 | 725.59 |
| Change that session | +0.60% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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