Morningstar

Tech Down as Alphabet Slides — Tech Roundup

Provided by Dow Jones

Shares of technology companies fell after Alphabet's earnings report stoked fears about the sustainability of the artificial-intelligence boom.

The Google parent lost about $500 billion in market value, the second largest ever loss of market capitalization for a single session. Revenue growth from Google's search functions waned due to the less lucrative nature of AI search.

Lumentum Holdings rallied after chipmaker Marvell Technology reportedly is in late-stage talks to buy the optical parts maker in a bid to create a larger, broader AI hardware powerhouse.

DoorDash shares rose after the delivery service struck a deal to buy grocery-delivery rival Instacart for about $17 billion in cash and stock.

Shares of ServiceNow endured their largest percentage loss on record after the provider of software-as-a-service projected subscription growth short of some investors' expectations. Investors are nervous that AI bots and agents will present formidable competition to software-as-a-service companies. 




  Write to Rob Curran at rob.curran@dowjones.com 



  (END) Dow Jones Newswires



  October 29, 2026 18:11 ET (22:11 GMT)


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