Alphabet’s shares fell about 12% after its third-quarter results, putting an estimated $496 billion of market value at risk and marking what was set to be the company’s steepest one-day decline since going public in 2004. The loss would rank second among single-day drops for US-listed companies, behind Nvidia’s $593 billion plunge in January 2025, and far exceed Alphabet’s previous worst, roughly $275 billion in July. The results offered contrasting signals: Google Cloud revenue more than doubled to about $31 billion, and the Gemini app surpassed one billion users, but search revenue rose 12% to $63 billion, below expectations of about $65 billion. Free cash flow turned negative by roughly $9 billion as investment in AI infrastructure and stakes in AI companies weighed on cash generation.
Investors disagreed over whether the quarter exposed a deeper threat or a temporary setback. Bearish analysts argued that AI may be starting to undermine Google’s search business, while a more optimistic view treated the selloff as a potential buying opportunity. Alphabet had already lost about $1.4 trillion in market value since its May peak, amid a broader rise in extreme stock declines: US-listed companies recorded 18 single-session losses of at least $200 billion in 2026 through Wednesday, compared with 13 in all of 2025 and none before 2022. Amazon’s results, due after the market close, were identified as a key test: stronger cloud growth without weaker cash flow would suggest Google’s search challenges are company-specific, while another major cash drain could intensify doubts about the AI investment boom.
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Two high-speed trains collided near Wenzhou, China, on July 23, 2011, after a railway signal failure. The crash killed 40 people and injured more than 192, and four cars fell from a bridge into the Ou River. (en.wikipedia.org)
A study of 1,584 data centers found that openings were associated with an average of 1,000 to 1,300 new jobs in their counties. Although each facility employs only a few dozen people directly, local job growth was modest overall. (theconversation.com)
Several universities in Jiangsu are gradually shifting permanent staff salaries to digital yuan wallets, following pilots in other Chinese cities. Staff can transfer funds instantly and without fees to bank accounts, while eligible wallet balances earn interest and receive deposit insurance protection. (chinascope.org)
California High-Speed Rail Authority chief Ian Choudri resigned after a state report found the agency misused nearly $600,000 for consultant travel. The project remains years behind schedule, with only 119 miles of its planned 500-mile route under construction and costs far above estimates. (nytimes.com)
California’s Prop 40 would impose a one-time 5 percent tax on billionaires’ assets to fund healthcare, food assistance, and education. The fight over the measure highlights how billionaire spending can challenge voters’ power and democracy. (thenation.com)
Netanyahu’s Likud party claimed Israel’s election was stolen by foreign entities after Arab parties’ strong showing blocked his bloc from securing a majority, but offered no evidence. Israel’s election commissioner ordered the Shin Bet to investigate allegations of foreign funding, while Arab party leaders denied wrongdoing. (ft.com)
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