The Nasdaq is set to shed $2 trillion this month as Intel shares plunge 29% in a deepening AI spending rout
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 the worst single-day market collapse in its history on Thursday, losing more than $500bn in value after its own AI search feature was found to be cannibalising the advertising revenue that underpins the entire business. Google's "AI Mode" gives users conversational responses to queries, drawing them away from the conventional search results pages where ads appear.
Intel shares fell 29% on Friday after finance chief David Zinsner cautioned that the PC market slowdown would persist well through the opening months of next year.
Amazon shares declined after the company fell short of Wall Street revenue forecasts and posted negative free cash flow of $42.4bn, leading analysts to warn the numbers pointed to 'a bleak Christmas period ahead'.
Market analyst Adam Crisafulli described it as 'one of the worst tech earnings seasons in memory', with the Nasdaq having shed roughly $3 trillion since its October peak.
