- Alphabet shares fell by over 12 per cent, wiping $500 billion from its market value in the biggest crash in Google's history.
- The tech giant reported a negative free cash flow of $9.1 billion, marking its first negative cash flow in 22 years due to heavy AI investment.
- Total third-quarter revenue reached $127.6 billion, falling short of Wall Street targets as search advertising growth slowed.
- Google Cloud revenue more than doubled to $30.71 billion, helping to partially offset the shortfall in advertising earnings.
- Investors remain concerned over vast capital expenditure on AI infrastructure and whether search integration will yield sufficient profit.
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