Google shares tumbled more than 13% in early trading, marking the largest single-day decline in its history.

According to TechFlow, on October 29, quotes from Bitget show that Alphabet, the parent company of Google, plummeted upon the opening of the US stock market, with the decline now widening to 13%, marking its largest single-day drop in history and erasing over $500 billion in market capitalization compared to the previous trading day's close.

Third-quarter revenue came in at $127.58 billion, a 25% year-over-year increase, falling short of the market expectation of $127.91 billion; adjusted earnings per share were $2.67, below the anticipated $2.97. Google Cloud revenue surged 103% year-over-year to $30.71 billion, yet the core advertising business underperformed, and free cash flow posted a net outflow of $9.07 billion. Markets worry that as AI-related expenditures continue to climb, the deceleration in search advertising growth could further squeeze profitability and cash flows.