Nearly $2 trillion is wiped off the US Nasdaq in October as Intel suffers its worst day since 1974
A Google DeepMind promotional screen introducing Gemini, the AI brand whose new Gemini 4 Carbon model Sundar Pichai unveiled just before Alphabet's earnings call as its shares tumbled over 10%.A two-week Alphabet share-price chart, sourced from Yahoo Finance, showing the plunge that wiped $500 billion from the company's value after profit collapsed 25% to $26.2 billion.
Alphabet suffered its worst single-day drop on record on Thursday, losing nearly $500 billion in market value after revealing its AI summaries were cannibalising core search advertising revenue, while Intel plunged nearly 30% — its steepest fall since 1974 — after warning the PC slowdown will persist into next year. The Nasdaq closed down 2.9% on Friday, its worst session since June, dragging total October losses past $2 trillion — roughly equivalent to SpaceX's entire market value.
S&P Global revised Meta's outlook to 'negative', forecasting free cash flow deficits of $39 billion in 2026 and $71 billion in 2027.
Amazon burned through $42.4 billion in free cash flow over the prior 12 months and spent $94.8 billion on property and equipment, yet its quarterly profit still missed Wall Street expectations.
Big Tech collectively committed $800.6 billion to AI spending in 2026, but Microsoft and SpaceX were rare bright spots, posting results showing AI investment starting to pay off.
