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Alphabet Drops Over 10% on Earnings Miss
Alphabet, the parent company of Google, fell over 10% in pre-market trading after missing earnings forecasts. The company reported a 12% decline in search revenue growth, while Google Cloud grew 103%. Investors are concerned about lower AI spending and its impact on chip and data center stocks. The Federal Reserve kept interest rates unchanged at 3.75% to 4%, citing high inflation and the need for more data.