Alphabet, the company that owns Google, lost 13% of its share price on Thursday. [1] Its worst day before this was in March 2020, when it fell 11.63%. [1] About $500 billion of the company's stock market value went in one day. [1] Investors sold because Google's search sales grew 12%, when analysts expected 15%. [2] In early trading on Friday the selling spread to shares in South Korea, Japan and Taiwan. [4]

Alphabet said part of the slowdown came because its AI Mode answers earn less from adverts. [1] Its executives said changes in exchange rates were the biggest reason for the slowdown. [3] Yet Google's boss said the number of searches is growing at its fastest in five years. [2] Search sales grew 19%, then 17%, then 12% over this year's three quarters. [3] In a 2025 Pew study, people shown AI summaries clicked links on 8% of visits. [2] Without an AI summary, they clicked a link on 15% of visits. [2]

Alphabet also spent $51.4 billion on buildings and equipment in three months. [2] So about $9 billion more cash went out than came in, three times analysts' guess. [3] A quarter earlier, more cash went out than in for the first time in 22 years. [51]

Bank of America's analysts now value Google search at about 10 times a year's profit. [2] Oil and gas companies, the market's cheapest group of shares, trade at 13 times. [2] The S&P 500, an index of 500 big US companies, trades at 18.7 times. [2] Google's founders, Larry Page and Sergey Brin, lost about $60 billion on paper, Forbes estimates. [2]

ServiceNow, which sells software that big companies run on, fell 27%, its worst day ever. [5] Its investors fear new AI tools will upend the way such software is sold. [5] Fortinet, a cybersecurity company, fell 20%, its biggest drop since August 2025. [6] The Nasdaq, an index heavy with tech companies, fell 1.4% on Thursday. [7] Yet about 400 of the 500 companies in the S&P 500 rose that day. [6]

After the market closed, Intel's shares fell 21% when it forecast weaker sales. [8] Intel, best known for the main processor chips in PCs, blamed a slowdown in PC sales. [8] Its boss, Lip-Bu Tan, said scarce, costly memory chips are slowing PC sales. [11] He expects the market for PC chips to shrink 12% next year. [11] AMD and Broadcom, two other big chip makers, fell 4% and 2% after hours. [9] Amazon's shares fell 6% after hours, after its results came in below forecasts. [10]

In early trading on Friday, South Korea's main share index, the Kospi, was down 5.2%. [4] Korea's exchange briefly halted trading when bets on the Kospi's price fell more than 5%. [4] By then Samsung Electronics was down 5.5% and SK Hynix, a memory chip maker, 9%. [4] SoftBank, a Japanese company that invests heavily in AI, was down 7.1%. [4] Japan's Nikkei index was down 2.75% and Taiwan's Taiex 3.0%. [4] Hong Kong's Hang Seng index went the other way, up 0.7% at that point. [4]

Why it matters. "Strong AI demand no longer guarantees strong stock performance," said Will McGough of Prime Capital Financial. [7] One analyst said results must now show AI spending turning into profit and cash. [4] The next big test is Nvidia, the biggest AI chip maker, which reports in mid-November. [8]

Amazon made a profit of $20.7 billion in the three months to September. [15] Over the past year it spent $42.4 billion more cash than its business brought in. [13] A year earlier the same measure showed $14.8 billion more coming in than going out. [15] Amazon said the gap came mainly from buying buildings and equipment for AI. [13] It spent $77.3 billion on them in the quarter, up from $35.1 billion a year earlier. [13] Amazon Web Services, its cloud computing arm, grew sales 39% to $45.98 billion. [14] Amazon forecast Christmas-quarter sales of $240 billion to $247 billion, below analysts' hopes. [16]

Why it matters. Its boss, Andy Jassy, said Amazon expects to "spend meaningfully more in 2027". [13] Its shares fell more than 6% after hours as investors weighed the spending. [13]

Microsoft said on Thursday it will raise $25 billion by selling bonds to investors. [17] Microsoft holds AAA, the top credit rating from S&P, a ratings agency. [17] It plans to spend $170 billion this year on buildings and equipment. [17] Much of that is to meet demand from AI labs such as OpenAI and Anthropic. [17] Unlike Alphabet and Amazon, Microsoft still took in more cash than it spent last quarter. [17] The bond sale drew very strong demand from investors. [6]

Why it matters. On Wednesday Oracle said it plans to borrow $10 billion as well. [17] Microsoft said the bond sale should be completed on 4 November. [17]

The US economy grew at a 3.4% yearly pace from July to September. [19] Economists had expected 3.2%, and it was the fastest pace in a year. [19] Business spending on equipment, mostly computers, rose at a 20.9% pace. [19] The PCE price measure, which the US central bank prefers, rose 3.6% in a year. [20] Leaving out food and fuel, prices rose 3.1%. [18] That 3.6% was up from 3.4% in August, against the US central bank's 2% goal. [19] Households saved 3.8% of their income in September, down from 4.4% from April to June. [19]

Why it matters. Traders put the chance of a US rate rise in December at 83.6%. [21] After the figures, US government bond yields and the dollar both fell. [19]

The European Central Bank held its main deposit rate at 2.5% on Thursday. [22] It sets interest rates for the 21 countries that use the euro. [22] Prices in those countries rose 3.8% in the year to September. [22] That is almost double the bank's goal of 2%. [22] It raised rates twice this year, the latest in September, as war pushed energy prices up. [22] It said borrowing had already got dearer since its last meeting. [22] France's ten-year borrowing cost stood near 5% on Thursday. [22]

Why it matters. The decision came hours after Christine Lagarde said she would leave as president on 7 February. [22] The bank said it is not committing to any path for its rates. [22]

The Bank of Japan kept its main rate at 1.25% on Friday, its highest since 1995. [23] For the first time since 2013, it said underlying prices match its 2% goal. [23] 8 of its 9 board members voted to hold the rate. [23] The ninth, Hajime Takata, wanted a rise to 1.5%. [23] Prices in Tokyo, leaving out fresh food, rose 2.6% in October. [26] Japanese pay after rising prices grew 1.5% in August, its eighth monthly rise in a row. [23] The yen rose 0.24% to 157.34 to the US dollar after the decision. [25]

Why it matters. All 16 economists CNBC asked expect a rate rise in December or January. [23] Most analysts Reuters polled expect the rate to reach 1.5% in December. [24]

Thrive Holdings agreed on Thursday to buy ADT, a US home security company, for $7.6 billion. [27] Counting ADT's debts, the deal is worth about $15.3 billion. [27] Shareholders get $10 a share in cash, about 35% more than the shares last traded at. [27] ADT's shares jumped about 34% on Thursday. [28] Josh Kushner's venture firm, Thrive Capital, set up Thrive Holdings last year. [27] It buys older businesses and tries to improve them with technology, including AI. [27]

Why it matters. ADT was taken private once before, by Apollo in 2016, and listed again in 2018. [27] The deal should close in early 2027 and take ADT off the stock market. [27]

DoorDash, a US food delivery app, agreed on Thursday to buy Instacart for $17 billion. [29] Instacart delivers groceries from shops in the US and Canada. [29] DoorDash will pay $65 a share, 11% more than where Instacart's shares last traded. [28] In five years DoorDash's share of US delivery spending rose from 44% to 59%. [29] Instacart's share fell from 26% to 18% over the same years, Consumer Edge says. [29] Instacart's brand and app will stay, and shops can work with either company. [29]

Why it matters. DoorDash's shares rose 5.6% on Thursday. [6] It is unclear what happens to Instacart's deliveries for Walmart, which DoorDash dropped in 2022. [29]

Caterpillar, which makes power generators used at data centres, fell 9.3% on Thursday. [6] It was the shares' worst day since March 2020. [6] Its profit beat forecasts, at $7.20 a share against $7.08 expected. [28] But sales of its construction machines came in slightly below forecasts. [28]

Why it matters. Caterpillar fell on the same day doubts about AI spending hit tech shares. [6]

Marvell Technology, a chip maker, is in talks to buy Lumentum, Bloomberg News reported. [28] Lumentum makes optical parts used in data centres. [28] Reuters said the talks are advanced. [12] A deal could be announced as soon as next week, the report said. [28]

Why it matters. Marvell's shares dropped more than 11% on Thursday, and Lumentum's rose 3%. [28]

Norwegian Cruise Line's shares jumped about 13% on Thursday. [31] It earned $1.12 a share before one-off items, against $0.94 expected. [31] Sales were $2.95 billion, above the $2.88 billion analysts expected. [31] It raised its profit forecast for the year to about $1.70 a share. [31]

Why it matters. Bookings have improved a little but remain below where it wants them. [31] Its finance chief, Mark Kempa, will step down after more than 25 years. [31]

Starbucks said sales at US cafes open at least a year rose 7.7% last quarter. [32] Worldwide, those sales rose 7.2%, beating the 6% analysts expected. [32] Total revenue fell 4% to $9.14 billion, partly after a China joint venture deal. [32] Profit rose to $677.2 million, from $133.1 million a year earlier. [32]

Why it matters. Starbucks expects revenue to fall 1% next year; analysts expected 1.4% growth. [32] It expects slightly lower coffee prices to weigh on revenue next year. [32] Starbucks shares fell nearly 2% after hours. [32]

Rivian, a US electric car maker, delivered a record 19,248 vehicles from July to September. [33] Its new R2, a cheaper SUV, became its best-selling model. [33] It lost $913 million, less than the $1.17 billion it lost a year earlier. [33] Its loss before one-off items was $0.48 a share; analysts expected $0.61. [34] It now expects to deliver 67,000 to 70,000 vehicles this year. [33] It also plans to spend $300 million less on buildings and equipment than it said before. [33]

Why it matters. Its shares rose about 5% after hours, after touching a 52-week low that day. [33]

Coinbase, a US exchange for cryptocurrencies, made a profit after three quarters of losses. [35] Gains on the crypto it holds helped. [35] Fees from customers' trades fell 43% to $590.2 million. [35] Prediction markets, where people bet on events, brought in more than $200 million. [35]

Why it matters. Its shares fell 3.3% after the results. [35]

TotalEnergies, a French oil and gas company, earned $9.1 billion from July to September. [36] That was up 127% from $4.0 billion a year earlier. [36] Analysts had expected $8.3 billion. [36] Its refining arm, which turns crude oil into fuel, had a record $3.6 billion quarter. [36]

Why it matters. The Iran war has kept world fuel supplies tight, so refiners earn more on each barrel. [36]

Bank of America analysts see a pattern in shares that came before the 2000 crash. [37] Investors worried about AI are buying safer areas such as healthcare. [37] This year healthcare shares are up 15%, materials 14% and everyday goods 12%. [37] Energy shares are up 52%, mostly because of the Iran war. [37] A similar run came before the 2000 peak and the 2020 crash, the bank says. [37]

Why it matters. The bank also said markets may be close to a "clearing event for risk". [37]

Mainland Chinese investors sold a net HK$24 billion of Hong Kong shares so far in October. [38] That is about $3.1 billion. [38] They trade through a link between the mainland's markets and Hong Kong's. [38] It is on track to be the biggest monthly outflow since 2021. [38] The Hang Seng index has lost 6.7% so far this month. [38] Chip maker SMIC, Alibaba and Xiaomi were among the shares they sold most. [38]

Why it matters. Mainland buyers usually hold Hong Kong up in a fall, so their exit could deepen it. [38] One strategist said the market could fall another 10% to 15% before it finds a bottom. [38]

Japan's Topix, a share index run by Japan Exchange Group, began its biggest overhaul on Friday. [39] About 700 companies may be dropped, leaving fewer than 1,000 in the index. [39] Their weight in the index will be cut to zero over eight quarters. [39] A company can stay if it meets the rules on trading and size by October 2027. [39]

Why it matters. Some investors hope the rules push firms to raise their value to stay in. [39]

More Indian shares fell than rose so far in October, the weakest spread in seven months. [40] So far in October, 2,399 shares rose on India's BSE exchange and 2,709 fell. [40] Foreign investors have taken about $31 billion out of Indian shares this year. [40] The Nifty 50 index is down about 13% this year, among Asia's worst. [40]

Why it matters. High oil prices, war in West Asia and high bond yields weigh on buyers. [40]

Trent, a Tata Group fashion retailer, jumped over 6% in early trade on Friday. [41] Its profit rose 25.3% to 468.09 crore rupees in the quarter to September. [41] Its sales rose 21.9% to 5,873.14 crore rupees. [41] It opened its 1,000th Zudio shop during the quarter. [41]

Why it matters. Its profit margin before some costs rose to 18.2% from 17%. [41]

Coal India, the state-owned coal miner, said its profit rose 57% in the quarter to September. [42] Profit reached 6,547 crore rupees, from 4,167 crore a year earlier. [42] Higher revenue drove the rise. [42] It will pay shareholders a dividend of 10.25 rupees a share. [42]

Why it matters. Shareholders on its register on 4 November will get the payment. [42]

The Shanghai Futures Exchange stopped settling copper and aluminium deals from duty-free warehouses. [43] Those warehouses let traders hold metal without paying China's import taxes. [43] That let traders sell the metal abroad when prices there were better. [43] The exchange said interest in the service had faded, two people told Bloomberg. [43] Chinese importers now pay over $200 a tonne above London prices, near a record. [43]

Why it matters. Some analysts see it as a guard against a squeeze, as China's copper stocks are low. [43]

The Canadian dollar hit its strongest level in six weeks on Thursday. [44] It touched 1.3966 Canadian dollars to one US dollar. [44] On Wednesday Canada's central bank raised its rate to 2.50%, while the US one held. [44] That cut the gap between two-year rates in the two countries to about 128 basis points. [44] A basis point is a hundredth of a percentage point. [21]

Why it matters. Traders said the smaller gap gave them confidence to keep buying the Canadian dollar. [44]

Rio Tinto paused underground work at Oyu Tolgoi, a big copper mine in Mongolia. [45] A tremor late on Thursday caused a rockfall that injured 3 workers. [45] Work stays paused until a safety review is finished, the company said. [45] Rio Tinto owns 66% of the mine and Mongolia's government owns 34%. [45] Rio expects Oyu Tolgoi to be the world's fourth-largest copper mine by 2030. [45]

Why it matters. US copper prices are already up 17% this year on fears of short supply. [45]

The Institute for Fiscal Studies, a UK research group, criticised Wednesday's budget. [46] It said finance minister John Healey needed to set aside another 28 billion pounds a year. [46] That would cover rising prices and defence spending of 3% of national output by 2030. [46] Without it, some departments face real cuts, said its director, Helen Miller. [46] Healey said the benefits bill must come down, then said he had set no timetable. [46]

Why it matters. UK welfare spending, 334 billion pounds last year, is forecast to reach 431 billion by 2030. [46]