Alphabet shares plunge up to $524 billion after AI search revenue concerns

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Alphabet shares plunged after Q3 results showed AI Mode searches generate less revenue than traditional search, erasing up to $524 billion in market value, the second-largest one-day loss ever for a US-listed company. Overall search revenue grew 12% year over year to $63.25 billion, but the AI-related revenue concern triggered the steepest post-earnings decline since Alphabet went public in 2004. Only Nvidia's $593 billion loss on Jan. 27, 2025, was larger. Alphabet has lost about $1.4 trillion since its May record. US-listed stocks have shed $200 billion or more in a single session 18 times this year, up from 13 in all of 2025.


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