$500 bn wiped out: What triggered Google Alphabet’s worst day ever

Alphabet, Google’s parent company, suffered its biggest-ever single-day stock market fall on Thursday, losing nearly $500 billion in market value. The sharp fall came as investors grew worried about the huge amount of money Big Tech companies are spending on artificial intelligence (AI) and whether these investments will bring enough returns.

Alphabet shares fell 12.6% during the session, marking their worst single-day performance in the company’s history.

According to The Wall Street Journal, the Class A shares closed at $283.82, wiping out around $499.8 billion in market value.