Big Tech had a painful week: Alphabet lost $477 billion in market value, its worst week ever, and about $766 billion was wiped out in October at Friday's low, the second-biggest monthly loss ever for a US-listed company. SpaceX, Intel and Nvidia each lost more than $100 billion, with Intel falling as much as 30% after a weak outlook and Amazon shedding about $70 billion after results. ServiceNow and Fortinet fell roughly 25% to 33%, while Eli Lilly, Tesla and SK Hynix added about $370 billion combined. UBS argued that exiting markets is not an effective way to protect a portfolio from drawdowns and urged investors to build a resilient portfolio with exposure beyond tech. Broadcom was highlighted for its custom AI accelerators and networking chips, where the AI business is growing faster each quarter.
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Big Tech stocks sold off sharply last week: Alphabet lost $477 billion in market value at its Friday low, its worst week ever, after a $475 billion drop in a single session following its third-quarter results. Yahoo Finance calculated that October's loss for Alphabet reached about $766 billion at Friday's low, the second-biggest monthly loss ever for a U.S.-listed company after SpaceX's roughly $822 billion drop in July. SpaceX, Intel and Nvidia each lost more than $100 billion, Intel fell as much as 30% after a weak outlook, and Amazon shed about $70 billion after its Thursday results. Eli Lilly, Tesla and SK Hynix added about $370 billion combined, while UBS's chief investment office argued against exiting the market and said investors should build portfolios with exposure beyond tech. Meta, meanwhile, reported third-quarter revenue of $64.60 billion, up 26%, with advertising at $63,061 million as ad volume rose 10% and average price per ad rose 14%.
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