Alphabet shares fell about 10% before Thursday’s open, putting the Google owner on track for its biggest earnings-day loss since listing in 2004. A close down more than 9.77% would set that record. Investors reacted to a free cash outflow of $9.07 billion in the third quarter, far deeper than the $2.70 billion expected. Alphabet kept its full-year capital spending forecast at $195 billion to $205 billion. Search advertising, its main revenue source, grew 12% to $63.35 billion but fell short of estimates. Executives said ads in AI Mode earn less for now. Microsoft moved the other way, rising nearly 4%. Its capex of $45.2 billion came in below the $50.67 billion forecast, and free cash flow stayed positive at $18.63 billion despite a 27% fall.

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