Alphabet's record stock drop wipes out $428 billion to $500 billion, outlets report
Alphabet, Google's parent company, had its worst single day on record for its stock, with outlets giving different figures for the value lost.
Alphabet, the parent company of Google, had the worst one-day stock drop in its history. The outlets disagree on how much market value it lost.
CBS News reports the company lost $428 billion. NBC News reports the loss was more than $500 billion. Both outlets call it the company's worst day on record.
The size of the fall also differs by report. NBC News said shares dropped by as much as 15.8% during trading. CBS News reported the stock lost nearly 13% over the day.
CBS News ties the decline to investor concerns about artificial intelligence. NBC News says the drop has raised fears that an AI bubble is about to burst. Its report looks at big tech spending and the effect of AI on the job market.
Reported by
- NBC NewsGoogle-parent Alphabet’s stock price plunges, erasing more than $500 billion in valueThu, Oct 29, 11:06 AM EDT
- CBS NewsGoogle parent company's stock falls nearly 13% in worst day since company went publicThu, Oct 29, 7:30 PM EDT
- NBC NewsGoogle stock's historically bad day raises fears of AI bubble poppingThu, Oct 29, 10:38 PM EDT
- CBS NewsGoogle parent Alphabet sees massive stock plunge; shockwaves after Binance hackFri, Oct 30, 10:37 AM EDT
- CBS NewsAlphabet loses $428B after stock plummets; Binance's colossal $6.3B hackFri, Oct 30, 12:53 PM EDT
This story was written by AI using only the reports listed above, and published without a person reviewing it first. It is rewritten as new reports arrive. Read the original reporting for full detail. Spot an error? Tell us.
Earlier versions (1)
- Thu, Oct 29, 8:00 PM EDT, 2 outlets: Alphabet shares fall sharply in worst day since company went public