A significant downturn struck the stock market, with shares of major technology companies experiencing sharp declines on Friday, October 29, 2026. The selloff was largely driven by disappointing financial results from Intel and Alphabet, raising investor concerns about the future growth prospects of the artificial intelligence sector.
Intel's stock plummeted over 21% in after-hours trading following the release of its earnings report, signaling a significant setback for the semiconductor giant. Investors reacted negatively to the company's performance, indicating a loss of confidence in its immediate future.
Simultaneously, Alphabet, the parent company of Google, saw its stock suffer its worst day on record. The massive selloff wiped out approximately $500 billion from the company's market valuation, reflecting broad investor unease. While the specific details of Alphabet's earnings report were not fully elaborated in the notes, the market's reaction underscores a widespread apprehension among investors regarding the current state and future trajectory of technology stocks, particularly those heavily invested in AI development and deployment.