This week in one line Google fell 12.6% on Thursday (10/29), which Bloomberg called the stock's biggest one-day drop on record. Goldman Sachs believes the EPS miss came mainly from an investmentThis week in one line Google fell 12.6% on Thursday (10/29), which Bloomberg called the stock's biggest one-day drop on record. Goldman Sachs believes the EPS miss came mainly from an investment
新手学院/Market Insights/Price Predictions/US Stocks Weekly on October.24-29 | Google's Record 12.6% Plunge Puts the AI Capex Bill at the Center of US Stocks This Week
US Stocks Weekly on October.24-29 | Google's Record 12.6% Plunge Puts the AI Capex Bill at the Center of US Stocks This Week
This week in one line
Google fell 12.6% on Thursday (10/29), which Bloomberg called the stock's biggest one-day drop on record. Goldman Sachs believes the EPS miss came mainly from an investment impairment of about $8.7 billion, not a weaker business, and that the market underrates Google's ability to distribute AI through its billion-user apps.
How the US market did this week
Index | Week | Thursday |
S&P 500 | +1.27% | -0.30% |
Nasdaq Composite | +0.88% | -1.38% |
US stocks rose in the first three sessions of the week. On Thursday tech stocks pulled back together: the Nasdaq fell 1.38%, its only down day of the week. The same day the Philadelphia Semiconductor Index fell 1.4%, while the equal-weight S&P 500 rose 1.2% (Bloomberg). Money did not leave the market on Thursday; it rotated out of mega-cap tech into other sectors.
The Fed: rates on hold, but some members want a hike
On 10/28 the Fed held the federal funds rate at 3.75% to 4.00%, after a 25-basis-point hike in September. Two members voted for another hike. Goldman Sachs Asset Management expects the Fed to resume hiking in December. For you, next Friday's October jobs report is the first data point to test that view.
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Key sectors and stocks this week
AI compute
Stock | Week | YTD | 52-wk position | Volume |
NVDA Nvidia | +1.3% | +14.6% | 62% | 0.6x |
AMD | +9.6% | +164.5% | 80% | 0.7x |
Nvidia slipped 0.8% on Thursday, less than the Philadelphia Semiconductor Index's 1.4% drop, on light volume. AMD rose 9.6% this week, the biggest gain of the five stocks, and reports earnings after the close next Tuesday (11/3).
Cloud and AI platforms
Stock | Week | YTD | 52-wk position | Volume |
GOOGL Google | -11.4% | -9.3% | 10% | 4.9x |
AMZN Amazon | -1.7% | +5.6% | 52% | 1.9x |
Google's cloud revenue doubled, but capex and cash flow outweighed the good news. Amazon fell 4.2% on Thursday along with tech, then reported after the close: AWS grew 39% year over year, but holiday-quarter sales guidance came in below expectations and the stock kept falling after hours.
Processors and foundry
Stock | Week | YTD | 52-wk position | Volume |
INTC Intel | +5.9% | +149.5% | 54% | 1.1x |
Intel closed down 3.6% on Thursday and reported after the close: Q3 beat expectations, Q4 guidance missed, and the stock fell as much as about 18% after hours.
Stock focus
Google (GOOGL): cloud revenue doubled, yet the stock posted its biggest one-day drop ever
Google's Q3 revenue was $127.58 billion, up 24.6% year over year, and cloud revenue grew 103%. But EPS was $2.12 versus the expected $2.97; an investment impairment of about $8.7 billion cut EPS by $0.55. Search and other revenue grew 12%, short of expectations. Quarterly capex was about $51.36 billion, and free cash flow was about negative $9.07 billion.
Goldman Sachs believes the miss was mainly the impairment, not a weaker business. You can split it into two questions: in the short run, capex is eating cash flow; in the long run, can the cloud backlog turn into revenue? Thursday's volume was 4.9 times the one-month average, and the price sits at the 10% mark of its one-year range.
Intel (INTC): results beat, but guidance sent shares down as much as about 18% after hours
Intel's Q3 revenue was $16.51 billion, up 20.9% year over year; adjusted EPS was $0.52, above the expected $0.40. But the midpoint of Q4 revenue guidance was $15.5 billion, below the expected $17.02 billion, and the adjusted EPS guidance midpoint of $0.25 was below the expected $0.44. Reuters said the company cited near-term headwinds in the PC industry and a shutdown caused by an incident at a factory in Israel.
Intel is still up 149.5% this year. Weak guidance at a high level amplified the swing.
Weekly discussion
The market starts itemizing the capex bill
Cloud growth accelerated at both Google and Amazon, yet one stock plunged and the other fell after hours. The market this week cared less about revenue growth and more about how much cash is left after the spending: both companies' free cash flow turned negative (Amazon's about negative $42.4 billion), while Microsoft sold $25 billion of bonds (Reuters). Google reportedly reiterated 2026 capex of $195 billion to $205 billion and expects another large increase in 2027. Next week's chip earnings are the report cards from the companies on the receiving end of that spending.
Good results can come with bad guidance
Intel beat on Q3 revenue and EPS, then fell sharply after hours on Q4 guidance. In earnings season the market often watches the next quarter rather than the last one. When AMD, ARM and Qualcomm report next week, you can use the same yardstick: results against expectations, and guidance against expectations.
Key US calendar next week (11/2–11/6)
Date | Event | Why it matters |
11/2 Mon | Apple (AAPL), Palantir (PLTR) earnings after the close | The week opens with big tech and AI software |
11/3 Tue | AMD, Super Micro (SMCI), Arista (ANET) earnings after the close; US midterm election day | AI compute and the server supply chain report together |
11/4 Wed | Qualcomm (QCOM), ARM earnings after the close | Demand for phone and on-device AI chips |
11/5 Thu | Lumentum (LITE), Cloudflare (NET), Airbnb (ABNB) earnings after the close | Optical networking, cloud services and consumer platforms |
11/6 Fri | US October jobs report | Payrolls and unemployment shape expectations for a December hike |
Calendar dates are US trading days. Earnings times are estimates and may change.
FAQ
Q1: Why did Google fall so much this week?
A: Google fell 12.6% on Thursday. Q3 EPS was $2.12 versus the expected $2.97; quarterly capex was about $51.36 billion and free cash flow was about negative $9.07 billion; search and other revenue also missed. Goldman Sachs believes the miss came mainly from an investment impairment of about $8.7 billion, not a weaker business.
Q2: What did the Fed decide at its October meeting?
A: On 10/28 the Fed held rates at 3.75% to 4.00%, with two members voting for another hike. Goldman Sachs Asset Management expects hikes to resume in December.
Q3: Intel beat expectations, so why did it fall after hours?
A: Q3 revenue and adjusted EPS both beat, but the Q4 revenue guidance midpoint of $15.5 billion was below the expected $17.02 billion. The market weighed next quarter's guidance more heavily, and the stock fell as much as about 18% after hours.
Q4: How did AI chip stocks do this week?
A: AMD rose 9.6%, Intel 5.9% and Nvidia 1.3% this week (10/23 to 10/29 closes). On Thursday the Philadelphia Semiconductor Index fell 1.4% and Nvidia fell 0.8%.
Q5: What should I watch in US stocks next week?
A: Apple and Palantir earnings on 11/2, AMD earnings and the US midterm election on 11/3, Qualcomm and ARM earnings on 11/4, and the US October jobs report on 11/6.
Disclaimer: This article is compiled and written by the MEXC RealStocks team. The data in this article is based on the closing of the US stock market on October 29, 2026. Wk = 10/24 close to 10/29 close (4 trading days); YTD = 2025/12/31 close to 10/29 close; 52-wk position = (price − 52-week low) ÷ (52-week high − 52-week low) × 100%. The content is a compilation of public market information, and individual stocks are publicly discussed targets, which do not represent the recommendation or opinion of MEXC and do not constitute any investment advice. Institutional views are cited from public reports; they are third-party opinions only and do not represent MEXC's position. More US stock content: @MEXC | @Alpha_MEXC | @MEXC_Research
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