Alphabet（谷歌母公司）股价周四下跌约13%，此前该公司发布了第三季度财报。该股有望创下自2004年上市以来最大单日跌幅。这一急跌使Alphabet近5000亿美元的股票市值面临风险。这将使其成为美国上市公司市值单日损失第二大的案例。英伟达纪录损失仍居首位据雅虎财经报道，英伟达记录了美国上市公司中最大的单日市值损失，于2025年1月27日损失约5930亿美元。
Alphabet (Google's parent company) shares fell about 13% on Thursday after the company reported its third-quarter results. The stock was on track for its worst single-day fall since the company went public in 2004. The sharp fall put nearly $500 billion of Alphabet's stock market value at risk. This would make it the second-biggest one-day loss in market value for a US-listed company. Nvidia record loss remains aheadNvidia recorded the biggest one-day loss in market value among US-listed companies, losing about $593 billion on January 27, 2025.
此次下跌源于中国DeepSeek人工智能模型引发投资者对人工智能行业前景的担忧。据雅虎财经测算，Alphabet股价需收于274.75美元左右，跌幅约15%，才能追平英伟达的纪录损失。Alphabet的损失已超过SpaceX于6月22日蒸发的约4000亿美元市值，后者此前位居第二大单日损失。Alphabet股票迎来最大美元损失周四的下跌有望成为Alphabet有史以来最大的美元市值损失。其此前纪录是7月23日损失约2750亿美元。
The fall came after China's DeepSeek AI model worried investors about the future of the artificial intelligence industry, Yahoo Finance reported. Alphabet's stock would need to close at around $274.75, down about 15%, to match Nvidia's record loss, according to Yahoo Finance's calculations. Alphabet's loss has already crossed the roughly $400 billion wiped out from SpaceX's market value on June 22, which was previously the second-biggest one-day loss. Alphabet shares see biggest dollar lossThursday's fall was set to become Alphabet's biggest-ever loss in market value in dollar terms. Its previous record was a loss of about $275 billion on July 23.
DoorDash以170亿美元收购Instacart以拓展杂货配送业务Alphabet也有望创下自2004年上市以来财报发布后最陡峭的股价跌幅。据Bespoke Investment Group数据，此前纪录是2008年7月跌近10%。谷歌云收入翻倍，Gemini用户突破10亿Alphabet第三季度财报显示其云业务强劲增长。谷歌云收入翻倍多至约310亿美元，显示出对该公司云服务的持续需求。谷歌Gemini AI应用用户突破10亿，标志着Alphabet人工智能业务的又一重要里程碑。
DoorDash to acquire Instacart in $17 billion deal to expand grocery delivery businessAlphabet was also on track for its steepest stock decline following an earnings report since it went public in 2004. According to Bespoke Investment Group, the previous record was a fall of nearly 10% in July 2008. Google Cloud revenue doubles, Gemini users cross 1 billionAlphabet's third-quarter results showed strong growth in its cloud business. Google Cloud revenue more than doubled to about $31 billion, showing continued demand for the company's cloud services. Google's Gemini AI app crossed 1 billion users, marking another major milestone for Alphabet's artificial intelligence business.
然而，强劲的用户数字并未能阻止该公司股价在财报发布后大幅下跌。谷歌搜索收入不及预期谷歌搜索业务持续增长，但其表现未达华尔街预期。根据雅虎财经数据，搜索收入增长12%至约630亿美元，而分析师预期约为650亿美元。AI支出推使自由现金流转亏Alphabet的自由现金流转为负值，录得约90亿美元亏损。自由现金流是指公司在支付运营成本和投资（包括数据中心支出）后剩余的资金。这一负数值显示，随着AI投资增加，Alphabet支出的现金多于其产生的现金。
However, the strong user numbers did not prevent the company's shares from falling sharply after its earnings report. Google Search revenue misses estimatesGoogle's search business continued to grow, but its performance fell short of Wall Street's expectations. Search revenue increased 12% to about $63 billion, compared with analysts' estimates of roughly $65 billion, according to Yahoo Finance.AI spending pushes free cash flow into lossAlphabet's free cash flow turned negative, recording a loss of about $9 billion. Free cash flow is the money a company has left after paying its operating costs and investments, including spending on data centres. The negative figure showed that Alphabet was spending more cash than it generated, as its investments in AI increased.
Alphabet对AI公司的投资也增加了财务压力。该公司正在大量投入资金开发AI技术并扩建基础设施，引发投资者对这些投资能否产生足够回报的担忧。
Alphabet's investments in AI companies also added to the financial pressure. The company is spending heavily to develop AI technology and expand its infrastructure, raising concerns among investors about whether these investments will generate enough returns.
部分投资者担心AI可能削弱谷歌的传统搜索业务，后者长期以来一直是Alphabet的主要收入来源。据雅虎财经报道，Pivotal Research首席执行官Jeffrey Wlodarczak表示，看空投资者可能会辩称，最新季度是AI开始严重冲击谷歌搜索业务的首个迹象。美债收益率下跌，市场权衡美联储利率前景与12月加息前景分析师对Alphabet股票前景看法不一并非所有分析师都对股价下跌持负面看法。
Some investors fear that AI could weaken Google's traditional search business, which has long been a major source of revenue for Alphabet. Jeffrey Wlodarczak, CEO of Pivotal Research, said bearish investors could argue that the latest quarter was the first sign that AI was starting to seriously hurt Google's search business, according to Yahoo Finance.US Treasury yields fall as markets weigh Fed rate outlook and December rate hike prospectsAnalysts divided over Alphabet stock outlookNot all analysts viewed the share price decline negatively.
CFRA的Angelo Zino对雅虎财经表示，Alphabet股价的回调很可能代表了买入机会，表明股价下跌可能吸引看好该公司长期前景的投资者。美股大幅下跌变得更加常见这种规模的单日跌幅在美股市场曾属罕见。
Angelo Zino of CFRA told Yahoo Finance that the pullback in Alphabet shares probably represented a buying opportunity, suggesting that the stock's fall could attract investors who believe in the company's long-term prospects. Big losses in US stocks become more commonOne-day losses of this size were once rare in the US stock market.
然而，根据雅虎财经基于彭博数据的计算，截至周三，2026年美国上市公司已有18次在单个交易日损失2000亿美元或以上的市值。相比之下，2025年全年仅出现13次此类情况，而2022年之前则从未发生过。
However, US-listed companies lost $200 billion or more in market value in a single trading session 18 times in 2026 through Wednesday. This compared with 13 such instances in all of 2025 and none before 2022, according to Yahoo Finance's calculations based on Bloomberg data.
最新的下跌加剧了Alphabet近几个月来的损失。自5月创下历史新高以来，该公司市值已缩水约1.4万亿美元。Alphabet股价下跌后，投资者目光转向亚马逊财报投资者现在正关注亚马逊的季度业绩，该业绩将于周四收盘后发布。继Alphabet和微软之后，亚马逊是本周发布财报的三大云服务提供商中的最后一家。
The latest fall added to Alphabet's losses over recent months. The company's market value has dropped by about $1.4 trillion since its record high in May. Amazon earnings in focus after Alphabet fallInvestors are now looking to Amazon's quarterly results, due after Thursday's market close. Amazon is the last of the three major cloud service providers to report earnings this week, following Alphabet and Microsoft.
雅虎财经报告中的分析指出，如果亚马逊云科技（AWS）报告收入增长加快且现金流未下降，投资者可能会将Alphabet的疲软表现视为谷歌搜索业务特有的问题。亚马逊云业务强劲增长且现金流健康，将表明巨额AI投资不一定会以相同方式损害每一家主要科技公司。
If Amazon Web Services reports faster revenue growth without a decline in cash flow, investors may see Alphabet's weak performance as a problem specific to Google's search business. Strong cloud growth alongside healthy cash flow at Amazon would suggest that heavy AI investment is not necessarily hurting every major technology company in the same way, according to the analysis in Yahoo Finance's report.
如果亚马逊也报告又一个季度的巨额现金支出，投资者可能会更加担忧整个科技行业AI投资的回报。这可能会进一步施压那些在AI基础设施上大举支出、却未产生足够现金覆盖这些投资的公司的股价。
If Amazon also reports another quarter of heavy cash spending, investors could become more worried about the returns from AI investments across the technology sector. This could put further pressure on shares of companies that are spending heavily on AI infrastructure without generating enough cash to cover those investments.