Google parent company shares plunge 12.6% in record one-day drop worth $500 billion
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Shares of Google parent Alphabet plunged 12.6% Thursday, marking the stock’s worst single-day decline on record and erasing roughly $500 billion in market value.The selloff followed Alphabet’s latest earnings report, which showed revenue falling short of expectations and fueled concerns about the enormous amount of money the company is spending on artificial intelligence infrastructure.The roughly $500 billion loss ranks among the largest single-day market value declines in U.S. history.The drop also reflects broader concerns on Wall Street about when massive investments in AI will begin delivering consistent returns for technology companies.Other major technology companies have also faced pressure as investors scrutinize the costs associated with the rapid expansion of artificial intelligence.Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.