{
  "id": 17126804,
  "title": "Tech stocks slide as Alphabet’s record plunge revives AI fears",
  "url": "https://urgent.news/2026/10/29/tech-stocks-slide-as-alphabets-record-plunge-revives-ai-fears",
  "topic": "ai",
  "section": "AI",
  "published": "2026-10-29T21:17:55.000Z",
  "source": {
    "name": "The National Business",
    "slug": "the-national-business",
    "url": "https://www.thenationalnews.com/business/markets/2026/10/29/alphabet-google-stocks-ai/"
  },
  "original_language": "en",
  "account": "Tech stocks experienced a significant drop on Thursday after Alphabet's record plunge reignited concerns about the potential threat of artificial intelligence to its core business. The tech-heavy Nasdaq 100 fell 1.4%, while the S&P 500 declined by 0.3%, ending a three-day winning streak for both indexes. Alphabet's shares plummeted by 13%, marking the company's worst-ever single-day drop and the second-largest market value loss in one day for any US stock, following a disappointing report on search and advertising sales that intensified worries about AI's impact on its primary business. Michael O'Rourke, a market strategist at JonesTrading Institutional Services LLC, commented that Google is \"playing the AI Hunger Games from a position of weakness\" after missing key forecasts.\n\nNotably, chip stocks and software companies also suffered on Thursday, with the Philadelphia Semiconductor Index falling 1.4%. ServiceNow and Fortinet, both software companies, suffered the largest declines on record, with ServiceNow dropping 27% and Fortinet losing 20%. Microsoft, on the other hand, reported strong earnings after the close, with impressive growth in its cloud business and controlled capital expenditures. However, even after achieving blowout demand for its $25 billion bond offering, the company's shares still fell by 0.2%.\n\nMeanwhile, Caterpillar's shares dropped by 9.3%, marking the worst decline since March 2020, after the company's third-quarter earnings only slightly exceeded expectations. Other indexes were also negatively impacted, with DoorDash shares rising 5.6% after reporting earnings above estimates and announcing a $17 billion deal to acquire Instacart. President Donald Trump's comments on the war in Iran, which he believes will soon conclude, also contributed to the market's overall decline, following a Wall Street Journal report about the US' plan to conduct a quick military campaign after the midterm elections.",
  "summary": "(Bloomberg) -- Tech stocks were dragged lower by a record drop in Alphabet Inc. after disappointing results renewed investor concerns about the threat that artificial intelligence poses to its core business.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Financial Post",
        "title": "Alphabet erases a record US$500 billion as AI eats into sales",
        "url": "https://urgent.news/2026/10/29/alphabet-erases-a-record-us-500-billion-as-ai-eats-into-sales",
        "published": "2026-10-29T15:28:17.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}