字母表（Alphabet，GOOGL）正遭遇上市以来表现最差的一个交易日。受财报发布影响，该股周四下跌约 12%，创下其 2004 年上市之后最大单日跌幅。本次下跌造成近 5000 亿美元市值灰飞烟灭，这是美股上市公司史上第二大单日市值亏损。历史第一名是英伟达：2025 年 1 月 27 日，中国深度求索（DeepSeek）引发 AI 投资者恐慌，英伟达单日市值蒸发约 5930 亿美元。
据雅虎财经测算，若字母表收盘跌至约 274.75 美元、跌幅接近 15%，就能追上英伟达的这一纪录。目前它已经超过 SpaceX 在 6 月 22 日创下的 4000 亿美元单日亏损纪录，该记录此前位列史上第二。
从绝对金额看，这无疑是字母表有史以来最惨烈的交易日。此前公司最大单日市值损失发生在 7 月 23 日，约 2750 亿美元。Bespoke Investment 社交平台数据显示，这同样是字母表上市之后财报公布后的最大跌幅；此前的最高纪录为 2008 年 7 月近 10% 的股价下挫。
这份季度财报多空双方各有论据：谷歌云营收实现翻倍，达到约 310 亿美元；Gemini 应用用户突破 10 亿。但是搜索业务营收增长 12%，约 630 亿美元，低于华尔街预期的 650 亿美元。受 AI 投入激增影响，自由现金流（扣除数据中心等资本开支后留存的现金）转为亏损，规模约 90 亿美元。AI 相关巨额成本也拖累了公司整体业绩。
Pivotal Research 首席执行官杰弗里・沃达尔恰克表示：“看空方会认为，这是 AI 开始实实在在侵蚀搜索主业的第一个季度。”
CFRA 分析师安杰洛・齐诺态度相对乐观，他向雅虎财经表示，这一轮回调 “或许是买入良机”。
如此规模的单日市值亏损在过去闻所未闻。
根据雅虎财经引用彭博数据的统计，截至本周三，今年美股已经出现 18 次单日市值缩水 2000 亿美元及以上的案例；而 2025 年全年仅有 13 次，2022 年之前一次都没有。自今年 5 月创下股价高点以来，仅字母表一家公司的市值就累计蒸发约 1.4 万亿美元。
亚马逊将于周四收盘后发布财报，这是本周三大云厂商的最后一份财报。如果亚马逊 AWS 实现高速增长同时现金流未受冲击，则说明问题出在谷歌自身的搜索业务；倘若亚马逊同样出现季度现金消耗，则会让整个 AI 投资交易逻辑再度遭受质疑。
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The alphabet (Alphabet, GOOGL) is encountering the worst-performing trading day since its listing. As a result of the financial report publish, the unit fell by about 12 per cent on Thursday, the largest single-day drop since its listing in 2004. As a result of this decline, the market value of nearly $500 billion was wiped out, the second largest single-day loss in the history of American stock listed companies. The first in history was Yin Weida: On January 27, 2025, China’s DeepSeek triggered a panic among AI investors, evaporating a single-day market value of about US$ 59.3 billion.
Yahoo's financial calculations suggest that if the alphabet drops to about US$ 274.75 and drops close to 15%, it will catch up with the record of Yvette. It has now surpassed SpaceX's single-day loss record of $40 billion on June 22, which was the second highest in history.
In absolute terms, this is undoubtedly the worst trading day ever on the alphabet. The company's largest single-day market value loss previously occurred on 23 July, at approximately $275.0 billion. Data from Bespoke Investment Social Platform show that this is also the largest decline since the release of the financial statements after the alphabet was put on the market; the highest record was the decline in stock prices of nearly 10 per cent in July 2008.
There are arguments on both sides: Google Cloud Camp doubled to about $31 billion, and Gemini application users exceeded 1 billion. But the search business base grew by 12 per cent, about $63 billion, below the $65 billion expected on Wall Street. As a result of the surge in AI inputs, the free cash flow (cash retained after capital expenditures such as data centres) was reduced to a loss of approximately $9 billion. AI ' s large associated costs also slow down corporate performance as a whole.
Pivotal Research CEO Jeffrey Vodalchak said, "Look at the sky and think it's the first quarter of the year that AI started really eroding the search industry."
The CFRA analyst Angelo Zino was relatively optimistic, stating to Yahoo that the turnback was “perhaps an opportunity to buy”.
A single-day loss of market value of this size has not been seen in the past.
According to Yahoo, using Bloomberg data, as of Wednesday this year, there have been 18 single-day market losses of $200 billion and above in the US stock; and only 13 in 2025 and none before 2022. The market value of a single company listed in the alphabet has evaporated by a cumulative sum of about US$ 1.4 trillion since the rise in stock prices in May this year.
The Amazon will close on Thursday with publish, the last of the three cloud manufacturers this week. If Amazon AWS achieves high growth while the cash flow remains unshocked, it means that the problem is in Google’s own search operations; if Amazon also has quarterly cash consumption, the entire AI investment transaction logic will be questioned again.
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