Alphabet shares fell more than 12% on Thursday, wiping around $500 billion from the company’s market value in its worst-ever trading day. Investors reacted to quarterly results showing search revenue growth below expectations and negative free cash flow of $9.07 billion in the third quarter. The figures intensified concerns about how quickly the company’s large artificial-intelligence investments will generate returns, and whether AI competition is affecting Google’s traditional search business. The market-value loss was the second-largest single-day decline recorded for a company
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