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Alphabet (GOOGL) is on track for its worst day ever. The stock fell about 12% Thursday after its third quarter results, steeper than any session since it went public in 2004.

That puts nearly $500 billion of stock market value on the line, the second-biggest one-day loss ever for a US-listed company. Only Nvidia (NVDA) has lost more, about $593 billion on Jan. 27, 2025, the day China's DeepSeek rattled AI investors.