Alphabet, Google's parent company, saw its stock price plummet over 12% on Thursday, wiping out approximately $480 billion in market capitalization and dragging down the Nasdaq index by 1.4%. This followed Alphabet's earnings report, which showed lower-than-expected revenue growth in its advertising and search businesses, and projected a significant increase in capital expenditures through 2027, raising market concerns about the return on AI investments. On the same day, the European Central Bank announced that President Lagarde would step down early in February 2027, and maintained its benchmark interest rate at 2.5%. The U.S. economy grew by 3.4% in the third quarter, with the PCE price index rising 3.6% year-over-year in September.