Equity Volatility: Alphabet -13%, ServiceNow -24%, $18.5B Outflows in Two Weeks
Tech and AI-adjacent equities are getting punished post-earnings. Alphabet erased $500B in market cap, ServiceNow posted its worst day ever, and investors pulled $18.5B from US equities over two weeks — with retail driving 70% of outflows.
What we know
An account on X reported $3.5B in US equity outflows last week (2-week total: -$18.5B), with Communication Services seeing its largest single-week outflow since the sector's formation in 2018 — retail investors accounted for 70%. On individual names: Alphabet fell 13% on AI Mode cannibalizing search monetization and negative free cash flow; ServiceNow ($NOW) crashed 24% on a Q3 profit miss — its worst day on record; Fortinet ($FTNT) fell 22% on slower product growth. Several accounts on X both argue $AAPL is a defensive safe haven during AI volatility, with Cole targeting $358–$367 in November. US GDP beat at 3.4% (vs 3.2% expected) provides a macro backstop — another account on X.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.