Alphabet stock plunges 12.3% as search sales disappoint

Alphabet (GOOG) shares plunged 12.3% to $282.32 on Thursday after disappointing search sales revived fears about artificial intelligence, reports say.

Roughly $500 billion in market value was erased as sales in that business came in short of what investors had counted on.

The close is 30.2% below the 52-week high of $404.47, and volume was 5.6 times the recent average. The S&P 500 edged lower 0.3% the same day.