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● Capital spending of $45.2 billion fell below the roughly $50 billion consensus.
● Microsoft guided to capex above $50 billion in its next quarter.
● The PHLX Semiconductorindexsnapped a four-day winning streak.
● The PHLX Semiconductorindexsnapped a four-day winning streak and the Nasdaq-100 fell to 29,402.51.
● ServiceNow's worst day on record dragged the software ETF IGV sharply lower.
● One report cited profit-taking, while another pointed to a weak fourth-quarter outlook.
● FreeCash Flowguidance was slashed to $50 million to $100 million from $250 million.
● Shares recovered to around $251.36 later in the session.
The headline numbers were not, on their own, alarming. Revenue rose by a quarter from a year earlier, to $127.6 billion, andOperating Incomeclimbed by roughly 30 percent. The trouble lay in the composition. Search advertising, the business that has underwritten Alphabet's ambitions since 1998, …
● Piper Sandler downgraded the stock to Neutral.
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