Poor quarterly show by US tech giants triggers $380 bn wipe off in m-cap

Technology powerhouse Alphabet Inc. thrilled investors during the bull market by consistently reporting stronger-than-expected sales and earnings. Those days are over.
 

Disappointing quarterly updates from the Google parent, as well as Microsoft Corp. and semiconductor giant Texas Instruments Inc., triggered a selloff threatening to wipe more than $380 billion in market value off some of the biggest US companies. The news is foiling bets that this year’s $5.5 trillion selloff in tech stocks had reached bottom.

The quarterly updates underscored growing pressure on everything from corporate IT budgets to digital ad spending and chips for industrial machinery. The Nasdaq 100