Alphabet reported third-quarter 2026 results on October 28, with revenue of $127.6 billion and EPS of $2.12 both below estimates. Search revenue missed by about $2 billion, search ad growth slowed to 12% from 17%, and free cash flow was negative $9.1 billion against a street estimate of a $2.7 billion loss, partly from a SpaceX write-down. Google Cloud beat, the Gemini app reached 1 billion users, and Google now sells TPU chips standalone. Analysts put $700 billion of value on that business, weighed against future liabilities above $1 trillion and a record trading day that shed half a trillion in market value.