Alphabet lost $480 billion in value on Thursday as shares sank 12% after poor earnings heightened investor concerns about massive artificial intelligence spending, marking the second-worst daily wipeout in market history and putting the Google parent on track for its worst dollar-loss day.
Key Facts
- Alphabet shares have been down around 12% consistently since markets opened on Thursday, wiping $480 billion from its market capitalization, which sat at $3.46 trillion at 1:30 p.m. EDT.
- Both its Class A shares, GOOGL, and Class C shares, GOOG, were trading down 12.5% at around $284 and $281, respectively, at 1:30 p.m. EDT.
- Before today, Alphabet’s worst single-day market cap loss came on July 23, 2026, the day after it reported its second-quarter earnings, when shares fell 7% and it lost around $275 billion.
- Nvidia still holds the record for biggest single-day market cap loss, with a 17% drop wiping $589 billion on Jan. 27, 2025.
- SpaceX previously held the No. 2 spot after shares fell 16% in a single day in June, erasing $400 billion from its market value in what grew to $600 billion in a three-day selloff.
Key Background
Google’s parent company posted its third-quarter earnings on Wednesday after the bell, with revenue falling short of investor expectations at $127.6 billion, and sales, excluding partner payouts, of $111.2 billion.
The disappointing figures heightened investor concerns about the company’s substantial AI investment, adding to broader worries across the tech sector. Google cloud revenue grew 103% over the year to $30.7 billion, beating analysts’ $29.2 billion prediction, but this didn’t assuage broader investor concerns. Shares fell 8% in extended trading immediately after the company released its earnings.
Forbes Valuation
Thursday’s losses have taken a chunk out of co-founders Larry Page and Sergey Brin’s wealth. Page, who sits in the No. 4 spot on Forbes’ Real-Time Billionaires list, lost around $31 billion as of 1:30 p.m. EDT, bringing his net worth to $236 billion, and Brin, who sits in No. 5, lost around $29 billion, bringing his net worth to $217.2 billion.
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