Yesterday, Google reported its Q3 results that showed searches made through its AI Mode generate less revenue than traditional search, even as overall search revenue grew 12% year over year to $63.25 billion. The news sent Alphabet shares plunging, with Bespoke Investment Group reporting that the stock is on track for its steepest post-earnings decline since the company went public in 2004. Yahoo Finance reports: At its low, Alphabet had lost $524 billion in stock market value, the second-biggest one-day loss ever for a US-listed company. Only Nvidia has lost more, about $593 billion on Jan. 27, 2025, the day China's DeepSeek rattled AI investors. Alphabet would need to close at about $274.75, down roughly 15%, to take Nvidia's record, by Yahoo Finance calculations. It has already blown past the $400 billion SpaceX lost on June 22, the previous No. 2. In dollars, it's Alphabet's worst day by far. Its previous worst was about $275 billion on July 23. It's also on track for the stock's steepest drop after an earnings report since the company went public, according to Bespoke Investment Group. The previous low was a slide of nearly 10% in July 2008. [...] US-listed stocks have shed $200 billion or more in a single session 18 times this year through Wednesday. That's up from 13 in all of 2025 and none before 2022, according to Yahoo Finance calculations from Bloomberg data. Alphabet alone has lost about $1.4 trillion since its record in May.

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