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Alphabet Loses $500B
Alphabet lost nearly $500 billion in market value in a single trading session after its shares fell 12.6% following the release of its third-quarter results. Revenue rose 25% to $127.6 billion, but net income dropped to $26.2 billion from $35 billion a year earlier, amid investment losses and investor concerns over a surge in spending on AI infrastructure to $51.4 billion, compared with about $24 billion. Concerns deepened after search revenue came in below analysts’ expectations, raising questions about whether Google can turn its AI investments into profits without harming its advertising business, despite strong growth in Google Cloud.
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