Google's Q3 earnings report revealed that searches conducted via its AI Mode generate less revenue than traditional search methods. Despite this, overall search revenue saw a 12% year-over-year increase, reaching $63.25 billion. This news caused Alphabet shares to plummet, with Bespoke Investment Group noting it was on track for its steepest post-earnings decline since the company's IPO in 2004. At its lowest point, Alphabet lost $524 billion in market value, the second-largest single-day loss for a US-listed company. Only Nvidia has experienced a larger drop. Alphabet's current decline is its worst day in terms of dollar value, surpassing its previous record loss of $275 billion. This downturn is also projected to be its steepest stock drop following an earnings report since its public debut. The company has already lost approximately $1.4 trillion since reaching its peak in May. This event highlights a broader trend of significant single-session stock value losses among US-listed companies, which has become more frequent in recent years.