Alphabet shares dropped 12% on Thursday, putting the Google parent on track for its largest one-day decline following an earnings report, according to CNBC. The selloff came as the Nasdaq fell 350 points, WSJ reported.
NBC News reported that concerns about artificial intelligence erased roughly $500 billion in value from Alphabet's market capitalization. The New York Times framed the session as a contrast between two major cloud providers, noting Microsoft traded higher while Google moved lower.
The reports did not specify what in Alphabet's results or guidance drove the reaction. CNBC characterized the move as a record post-earnings drop for the company, and Yahoo Finance also covered the day's slide in GOOGL shares.
The broader market weakness centered on the tech-heavy Nasdaq, which WSJ said sank 350 points. The scale of Alphabet's decline made it the focal point of Thursday's trading, given its weight among large technology companies.
What to watch next: whether Alphabet's stock stabilizes after the session or extends the decline, and how other major technology names trade as investors weigh AI-related risk.