Alphabet's Q3 2026 earnings, released October 28, represent the dominant catalyst shaping GOOGL trader sentiment for the week of October 26. Revenue of $127.6 billion missed the $128.2 billion consensus while adjusted EPS of $2.67 fell short of $3.02 estimates, driven by an 11% advertising growth slowdown and negative free cash flow of $9.07 billion amid elevated AI-related capex. Shares dropped roughly 12% post-release to close near $284 from pre-earnings levels around $320–325, erasing hundreds of billions in market value. This sharp repricing, combined with maintained 2026 capex guidance near $200 billion and warnings of further FX pressure, has shifted focus toward downside thresholds in the final trading sessions, with cloud revenue doubling offering limited offset to near-term margin and growth concerns.