Google's Worst-Ever Drop, Microsoft to Raise $25 Billion in Bonds, and Lilly Hits Record High

CoinDesk reports:

On Thursday, $Google-A (GOOGL.US)$ was the top stock by trading volume on U.S. markets, closing down 12.64% with $39.427 billion in trading volume.

Google plummeted 12%, marking its largest single-day drop since its 2004 IPO. Its market value erased nearly $500 billion in a single day, the second-largest single-day market cap loss in U.S. stock market history, trailing only NVIDIA’s record in January 2025.

According to Zhui Feng Trading Desk, JPMorgan lowered its target price for Alphabet from $425 to $375. Goldman Sachs also reduced its 12-month target price from $435 to $385, a decrease of approximately 11.5%, while maintaining its Buy rating. Based on Alphabet’s closing price of $324.89 on October 28, the new target price implies an approximate 18.5% upside potential.

The financial report showed that Alphabet's third-quarter revenue from search and other businesses amounted to $63.35 billion, below Goldman Sachs' expectation of $64.2 billion and the market consensus of $64.895 billion. Meanwhile, the company maintained its guidance for 2026 capital expenditures at $195 billion to $205 billion and forecasted a significant further increase in capital spending in 2027, putting pressure on free cash flow prospects and becoming one of the key focus areas for investors.

Ranked #3, Microsoft (MSFT.US) closed down 0.16%, with a trading volume of $20.71 billion.

According to people familiar with the matter on the 29th, Microsoft plans to raise at least $25 billion through a bond offering of up to ten tranches, with maturities ranging from two to 40 years. This marks Microsoft’s first issuance of investment-grade bonds in the U.S. since 2017, when the company raised $17 billion across seven tranches. The final offering size has not been finalized and will be adjusted based on market demand.

Ten tranches with maturities of up to 40 years, issued with AAA rating backing.

According to people familiar with the matter, Microsoft plans to issue bonds in up to ten tranches, with maturities ranging from two to 40 years. The longest-term bond, maturing in 2066, initially carries a pricing guidance of up to 135 basis points over U.S. Treasuries.

Ranked 4th, Micron Technology (MU.US) fell 4.98%, with a trading volume of $20.51 billion.

Ranked 5th, $Amazon (AMZN.US)$ fell 4.25%, with a trading volume of $19.609 billion.

Amazon's Q3 2026 revenue was $201.9 billion, a 12% year-over-year increase; diluted EPS was $1.89. Q4 guidance came in below expectations, and Q3 capital expenditures exceeded forecasts.

Ranked 6th, $Meta Platforms (META.US)$ rose 1.96% with a trading volume of $19.47 billion.

Ranked 7th, $NVIDIA (NVDA.US)$ fell 0.80%, with a trading volume of $16.174 billion.

According to two informed sources, the U.S. Department of Justice (DOJ) has initiated inquiries into NVIDIA's (NVDA.US) $12.93 billion acquisition of the open-source platform Hugging Face to assess how the deal may affect competition in the artificial intelligence sector; meanwhile, antitrust regulators continue their years-long investigation into the chip designer’s conduct.

The two sources said the Department of Justice’s recent inquiries covered NVIDIA’s acquisitions, investments, and sales activities, as well as whether the chip design company had pressured its customers. Regarding Hugging Face, Justice Department officials asked whether the deal would give NVIDIA control over a foundational distribution node for artificial intelligence. NVIDIA previously stated that the acquisition is expected to close in the first half of 2027 and added that Hugging Face will continue to support partnerships with various chips, cloud, and AI providers.

Ranked 8th, $Apple (AAPL.US)$ rose 1.48% with a trading volume of $14.464 billion.

Apple released its latest 14-inch MacBook Pro and a new iMac on Tuesday, and Yorkville Ives analyst Dan Ives provided a positive assessment, maintaining an "Outperform" rating and a $400 price target on the stock.

Additionally, Apple reached a new closing high.

Ranked 9th, $SanDisk (SNDK.US)$ closed down 5.32% with a trading volume of $10.691 billion.

Ranked 10th, $Intel (INTC.US)$ fell 3.62% with a trading volume of $10.303 billion.

Ranked 11th, $SpaceX (SPCX.US) fell 0.92% with a trading volume of $9.52 billion.

According to sources, Anthropic is SpaceX's (SPCX.O) largest single customer, accounting for more than one-third of the company's revenue in the third quarter of 2026. Documents filed by SpaceX last week revealed that approximately 34.5% of last quarter’s revenue came from a customer purchasing computing power for its AI division; sources confirmed this customer to be Anthropic. Anthropic previously signed a computing power contract with SpaceX, with total potential expenditures reaching up to $120.5 billion through 2029, and is expected to incur monthly expenditures of approximately $3.1 billion starting December 2026. However, Anthropic may terminate the contract with 90 days’ notice after January 2027 and March 2027. The report notes that SpaceX’s revenue dependence on Anthropic highlights the concentration risk in its AI computing business; meanwhile, the AI computing leasing industry is facing tightening financing conditions. Another major customer for SpaceX in the third quarter was a government entity, contributing 16.6% of revenue, while the U.S. federal government had previously been its largest single customer.

Ranked 14th, Marvell Technology (MRVL.US) closed down 13.24% with a trading volume of $9.112 billion.

Chipmaker Marvell Technology (MRVL.US) is reportedly in advanced talks to acquire optical communications company Lumentum (LITE.US), with the deal potentially announced as early as next week. Wall Street analysts generally believe the potential acquisition could strengthen Marvell’s competitiveness in the AI optical communications sector; however, concerns have been raised due to Lumentum’s high market capitalization of approximately $83 billion, along with risks of equity dilution, margin pressure, and business integration challenges.

Ranked 16th, $ServiceNow (NOW.US) fell 26.95%, with a trading volume of $8.495 billion.

According to Zhitong Finance APP, on Thursday, enterprise software giant ServiceNow (NOW.US) saw its stock price plunge 27%, primarily due to its fourth-quarter guidance for key business metrics falling short of market expectations, reigniting investor concerns that artificial intelligence (AI) could disrupt the traditional software industry. However, analysts at Bank of America and JPMorgan remain optimistic about the company’s long-term prospects, noting that its AI business continues to show strong growth momentum, and short-term earnings volatility has not altered its fundamental strengths.

Ranked 18th, Eli Lilly (LLY.US) rose 6.63%, with a trading volume of $5.996 billion.

Eli Lilly's third-quarter revenue reached $24.4 billion, a 39% year-over-year increase, and adjusted earnings per share came in at $7.48, both significantly exceeding expectations. Mounjaro and Zepbound together contributed 66% of revenue, with Mounjaro generating $10.72 billion in revenue, up 65%. The company raised its full-year revenue guidance for the third time this year to $91 billion to $92 billion. Boosted by these results, Eli Lilly's stock hit an all-time high.

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