Alphabet Loses $500 Billion in Market Value as AI Spending Fears Mount
Alphabet, Google's parent company, experienced its steepest single-day share-price decline since its initial public offering as concerns over sluggish AI search monetization and soaring investment costs rattled investors. The company's shares plummeted 12.6% to close at $283.82 on the Nasdaq on Oct. 29, wiping approximately $500 billion, or about 669 trillion won, off its market capitalization in a single session.
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