Alphabet's Q3 2026 results, released October 28, triggered a sharp sell-off, with GOOGL shares falling over 12% on October 29 to close near $283 after missing adjusted EPS estimates and reporting negative free cash flow amid an $8.7 billion equity investment loss. Revenue rose 25% year-over-year to $127.6 billion, supported by 103% Google Cloud growth, yet advertising and search revenue growth slowed while management held 2026 capex guidance at $195–205 billion and signaled a significant 2027 increase. With October's final trading session imminent, trader sentiment reflects the post-earnings price action and broader concerns over margin pressure from AI infrastructure spending relative to recent highs above $350.