Google Cloud revenue doubled, but single-day market value plummeted by $482 billion. Alphabet @Google closed down approximately 12.6% on Thursday, erasing about $482 billion in market value—the worst single-day decline since its 2004 IPO. After hours, @amazon dropped over 10% and @intel fell more than 20%. The income statements for all three earnings reports were actually not poor. Google Cloud revenue doubled year-over-year to $30.7 billion; AWS revenue reached approximately $46 billion, up 39% year-over-year; Intel’s adjusted EPS came in at $0.52, exceeding the expected $0.40. Pressure centered on the cash flow statement: Google’s Q3 capital expenditures totaled $51.36 billion, a 114% year-over-year increase, with free cash flow turning negative for the second consecutive quarter at -$9.1 billion this quarter. Amazon’s free cash flow over the past twelve months was a negative $42.4 billion, compared to a positive $14.8 billion a year ago, with capital expenditures rising by $94.8 billion year-over-year.