Big Tech’s brutal week had one clear epicenter. Alphabet (GOOGL) lost $468 billion in market value this week, more than SpaceX, Intel and Nvidia combined.
That was the Google parent’s worst week ever and the second-biggest weekly wipeout for any US-listed stock, by Yahoo Finance calculations. Only Nvidia (NVDA) has lost more, about $552 billion in the week of Jan. 27, 2025, when China’s DeepSeek rattled AI investors. Alphabet’s previous worst was about $386 billion in the week ended June 26.
Most of the damage came Thursday, when Alphabet lost $475 billion in a single session after its third quarter results. Friday’s slide wiped out the gains the stock had made earlier in the week.
October was even worse. Alphabet shed about $758 billion in market value this month, the second-biggest monthly loss ever for a US-listed company. Only SpaceX (SPCX) has lost more, about $822 billion in July. Alphabet’s October loss is nearly double its previous worst month, about $420 billion in February 2025.
In percentage terms, the stock fell nearly 19% in October, its worst month since it went public in 2004. Its previous worst was an 18.5% drop in November 2008. For the week, it fell nearly 13%, its worst since August 2011.
The selloff has left Alphabet’s price-to-earnings ratio at its lowest in more than a decade.
Alphabet wasn’t alone
SpaceX, Intel (INTC) and Nvidia each lost more than $100 billion in market value this week. Intel fell as much as 30% Friday after a weak outlook, its steepest drop in decades. Amazon (AMZN) shed about $80 billion for the week after reporting results Thursday. Some software names fell harder in percentage terms, with ServiceNow (NOW) and Fortinet (FTNT) down roughly 25% to 34%.
Not all of that money left the market. Eli Lilly (LLY), Tesla (TSLA) and SK Hynix (SKHY) added more than $300 billion in combined value, even as the Magnificent 7 stumbled.
UBS’s chief investment office argued against heading for the exits. “Further volatility does not make retreating from markets an effective way to protect portfolios from potential drawdowns, in our view,” Ulrike Hoffmann-Burchardi, CIO Americas and global head of equities, wrote Friday. “We continue to see scope for equity gains overall and believe investors should focus on building a resilient portfolio that includes exposure beyond tech.”
The close settled it. October goes down as Alphabet’s worst month since its IPO, in dollars and in percentage terms. The stock finished the week about $7 above the roughly $273 level it would have needed to take Nvidia’s weekly record.
