Google's parent company lost about $500 billion in value on October 29, 2026.
Shares fell to $283.82 by 4 p.m. in New York, the worst one-day fall in company history.
Dow Jones Market Data says the $517 billion wipeout is the second-largest single-day US loss ever.
Revenue hit $127.6 billion vs $128 billion expected. EPS was $2.12 vs $3.02 expected.
An $8.6 billion paper loss on Alphabet's SpaceX stake pulled profits down. Nothing was sold.
Google Cloud revenue rose 103% to $30.7 billion, beating forecasts. It still was not enough.
Search ad revenue grew 12%, down from 17% last quarter. Analysts expected about 15%.
Google's own AI search answers bring in less ad money than classic search. That spooked investors.
Alphabet spent $51.4 billion on AI data centers. Free cash flow turned negative $9.1 billion.
Full-year AI spending is forecast at up to $205 billion. 2027 spending will be even higher.
25 of 29 analysts still rate the stock a buy. But those targets were set before the crash.
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