India, Nov. 1 -- Between October 29 and October 30, the artificial intelligence (AI) trade was repriced. On October 29, Alphabet reported third quarter results. Search revenue grew 12 per cent, down from 19 per cent in the first quarter and 17 per cent in the second. Free cash flow was negative by 9 billion dollars, for the second consecutive quarter.

The stock fell 13 per cent the next day, erasing more than 500 billion dollars fuel supplies of market value. No company has lost so much in a single session. On October 30, Intel guided to fourth quarter revenue of 15 to 16 billion dollars against consensus of 17.1 billion dollars.

The stock fell 29 per cent, its worst day since the 1970s, erasing about 130 billion dollars. Amazon reporte...