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.
A new AI chip from Google’s parent company could reportedly be up to 10 times more energy-efficient.
Alphabet reported a surge in its cloud revenue through its latest quarter.
Tech giants are on pace to double AI spending this year.
The Google parent’s stock hit a new record after a new AI deal with Apple, pushing its market value above $4 trillion.
Google cofounder Larry Page overtook Amazon’s Jeff Bezos to become the world’s third-wealthiest person Wednesday, as Alphabet’s stock surged by nearly 6% in the wake of strong third quarter earnings and the release of Google’s Gemini 3 AI model.
The autonomous vehicle company’s weekly ridership has jumped more than 50% in two months and more than doubled since the start of 2024.
The billionaires behind Tesla, Alphabet, Meta, LVMH and more saw their fortunes plunge in the billions on Wednesday following a rash of earnings reports that disappointed investors.
Tech stocks on Wall Street defied sticky inflation Friday to post their biggest gain in more than two months—easing market anxiety about a slowdown in economic activities—after blockbuster first-quarter earnings and continued betting on artificial intelligence fired up the valuations of major companies.