Alphabet on pace for worst single-day decline in company history, on track to erase $464B+ market cap (Oct 29)
What happened
Alphabet shares skidded roughly 12% in Thursday trading and were on pace for the worst single-day decline in the company's history. Class A shares traded around $284; a close near those levels would beat the previous record daily decline of 11.6% from March 2020, in Yahoo Finance daily data going back ten years. The company is on track to lose more than $464B in market value in a single session — the second-worst one-day market-cap loss for any U.S. company on record, behind only Nvidia's $593B loss on Jan. 27, 2025. The selloff dragged the Nasdaq composite down 1.2% even as financials and healthcare held up.
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Start your free 14-day trialWho’s affected
- Alphabet (GOOGL): worst one-day drop on record, near -12% intraday; ~$464B+ market value at risk
- Nasdaq Composite / Nasdaq-100: dragged down ~1.2% as Alphabet accounts for most of $500B+ the Nasdaq-100 was set to erase
- Microsoft (MSFT): initially +2.9% premarket on cloud beat, reversed to -1.5% on bond-sale reports
- Meta (META): +3.6%, Apple (AAPL): +1.8% — the few Mag 7 gainers, showing divergence within the group
- Amazon (AMZN): -3% ahead of its own Q3 report Thursday afternoon, read as the next AI-capex test
- Software sector broadly lower on the same AI-capex-spending skepticism