Alphabet’s shares fall about 13% after the company reports weaker-than-expected results, with investors expressing concern that the pace of its AI spending may not yet be matched by returns. Multiple outlets say the sell-off erases roughly $500 billion in market value in the biggest single-day loss for Alphabet.

US markets close lower as the shock ripples across big tech and tech-related stocks. Coverage links the move to slowing search revenue growth and to cash burn tied to AI efforts, including references to effects on ad revenue and worsening free-cash-flow performance. Several outlets also connect the volatility to a broader reassessment of the “AI trade,” set against the backdrop of key inflation data and the Federal Reserve’s decision to hold interest rates steady.

While all reports center on Alphabet’s earnings and the market reaction, they emphasize different details: some lead with the scale of the market-value wipeout, others frame it as “worst day ever” for the stock, and some focus on how AI-related changes in search summaries could be affecting advertising. Overall, outlets broadly agree on the cause—slower growth plus AI-cost fears—though they differ on which financial metrics and market context receive the most attention.