@jolyonThe Nasdaq 100 shed 1.4% while Alphabet's slide played out, and Samsung gave up more than 4% after its chip division turned in weak results. By the next day the Nasdaq had wrapped its roughest month in more than a year. That is the backdrop for Thursday, when Google's parent company posted the single worst trading day in its history: Alphabet shares down over 12%, close to $500 billion of market value gone, second only to Nvidia's 2025 plunge among one-day losses for any company. What soured investors was the spending picture. Google keeps ramping up capital expenditure on AI data centers, and for a second straight quarter it laid out more than it took in. Meanwhile search advertising, the engine that pays for the rest, has seen its growth decelerate. The broader takeaway: the AI expansion is under real pressure to show it can turn a profit. Source: Financial Times / Writer: Daniyal

@jolyonThe Nasdaq 100 shed 1.4% while Alphabet's slide played out, and Samsung gave up more than 4% after its chip division turned in weak results. By the next day the Nasdaq had wrapped its roughest month in more than a year. That is the backdrop for Thursday, when Google's parent company posted the single worst trading day in its history: Alphabet shares down over 12%, close to $500 billion of market value gone, second only to Nvidia's 2025 plunge among one-day losses for any company. What soured investors was the spending picture. Google keeps ramping up capital expenditure on AI data centers, and for a second straight quarter it laid out more than it took in. Meanwhile search advertising, the engine that pays for the rest, has seen its growth decelerate. The broader takeaway: the AI expansion is under real pressure to show it can turn a profit. Source: Financial Times / Writer: Daniyal