Google parent Alphabet (GOOGL) lost nearly $500 billion in market cap this week, with its stock falling over 12% to $285 following its Q3 2026 earnings report. The market reacted to an EPS miss ($2.12 vs. $3.02 estimate) and negative free cash flow due to AI capital expenditures, despite a 103% surge in Cloud revenue. CNBC contributor Mike Khouw suggests a short strangle options strategy, anticipating the stock will trade between $250 and $325 over the next 30 days.