跟进：Alphabet市值单日蒸发约5000亿美元：股价跌12.6%创2004年上市以来最差一天，搜索增速放缓与自由现金流转负引爆抛售
谷歌母公司Alphabet的股价10月29日收跌12.6%，创下该公司2004年上市以来的最大单日跌幅，市值一天之内蒸发约5000亿美元，自约3.9万亿美元降至3.4万亿美元。这也是美国股市史上第二大单日市值损失，仅次于英伟达在2025年1月27日蒸发的约5890亿美元。
抛售的导火索是公司前一天公布的第三季度财报（本站已报道）：营收1276亿美元、同比增长25%，但略低于市场预期的1282亿美元；核心的搜索广告收入增长12%至633.5亿美元，增速明显低于第二季度的17%。资本开支高达514亿美元，自由现金流转负至负90.7亿美元；每股收益2.12美元，其中包含一笔87亿美元的股权投资损失，与公司所持SpaceX股份有关。公司还把全年资本开支指引上调到1950亿至2050亿美元。
财报的亮点在云业务：谷歌云（Google Cloud）收入同比大涨103%至307亿美元，经营利润111亿美元。
当日美股大盘同步走低：纳斯达克综合指数下跌1.38%，收于26184.73点；标准普尔500指数跌0.30%，收于7720.39点；道琼斯工业平均指数跌0.25%，收于52342.56点。软件公司ServiceNow当日大跌25%，盘后交易中亚马逊股价一度跌10%、英特尔跌17%。
多家投行随即下调Alphabet的目标价。有分析师把这次大跌形容为市场对人工智能巨额投入回报节奏的一次集中质疑；也有分析师认为，云业务收入翻倍显示这些投入正在产生回报。
关联：Alphabet第三季度营收同比增长25%至约1280亿美元：Google Cloud大涨103%，Gemini应用用户达10亿
Follow-Up: Alphabet Loses About $500 Billion in Market Value in One Day as Shares Fall 12.6% in Worst Session Since 2004 IPO
Shares of Google's parent Alphabet fell 12.6% on October 29, the company's worst single day since its 2004 initial public offering, erasing about $500 billion of market value and cutting its capitalization from roughly $3.9 trillion to $3.4 trillion. It was the second-largest one-day market-value loss in U.S. stock market history, behind only Nvidia's roughly $589 billion drop on January 27, 2025.
The sell-off followed the third-quarter results GSM reported a day earlier: revenue of $127.6 billion, up 25%, slightly below the $128.2 billion analysts expected; core search advertising revenue up 12% to $63.35 billion, a marked slowdown from 17% in the second quarter; capital spending of $51.4 billion that pushed free cash flow to negative $9.07 billion; and earnings per share of $2.12, including an $8.7 billion equity-investment loss tied to the company's SpaceX stake. Alphabet also raised its full-year capital-spending guidance to $195 billion to $205 billion.
The bright spot was the cloud business: Google Cloud revenue jumped 103% to $30.7 billion, with operating income of $11.1 billion.
Broader markets fell as well: the Nasdaq Composite dropped 1.38% to 26,184.73, the S&P 500 lost 0.30% to 7,720.39 and the Dow Jones Industrial Average slipped 0.25% to 52,342.56. ServiceNow plunged 25% on the day, while Amazon fell as much as 10% and Intel 17% in after-hours trading.
Several banks cut their price targets on Alphabet. Some analysts called the rout a concentrated challenge to the payoff timeline for massive AI spending; others pointed to the cloud unit's doubling revenue as evidence the investment is already producing returns.
来源：GSM·美国（原文链接）
图片来源：图为谷歌位于加州山景城的园区（图源：Wikimedia Commons，CC BY 3.0） / Google's campus in Mountain View, California (Wikimedia Commons, CC BY 3.0)
- 2026-10-28 15:24Alphabet第三季度营收同比增长25%至约1280亿美元：Google Cloud大涨103%，Gemini应用用户达10亿
- 2026-10-29 09:00跟进：Alphabet市值单日蒸发约5000亿美元：股价跌12.6%创2004年上市以来最差一天，搜索增速放缓与自由现金流转负引爆抛售本篇
