S&P 500 (VOO) Opens Lower as Google CEO Warns of an AI Selloff

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the Vanguard S&P 500 ETF (NYSEMKT:VOO) lost nearly 1% on Monday, and as Tuesday dawns it continues to decline, down another 0.4% before entering the market. Media pundits continue to blame investor concerns about an overheated market, and overpriced AI stocks in particular, citing declines in still-very-hot names like Palantir (Nasdaq: PLTR), which reported strong earnings earlier this month, and Nvidia (Nasdaq: NVDA), which will release its report tomorrow after the close.

And it’s not just investors who are worried.

This morning alphabet (Nasdaq: GOOG) CEO Sundar Pichai told the BBC that the momentum behind AI stocks this year has been “extraordinary,” but he also sees a certain amount of “irrationality” in AI stock valuations recently. Even more troubling, Pichai warned that if investors decided to rethink the multiples they were paying for tech stocks, “no company will be immune, including us.”

However, in contrast, this morning Alphabet stock rose more than 1% pre-market, while Palantir and Nvidia both fell! For now at least, the alphabet He does You seem kind of immune!

• Alphabet CEO Sundar Pichai warns that valuations for AI stocks may have become irrational. He says no stock may be immune to a selloff.

• Home Depot lost earnings today, but beat sales, and warned earnings.

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In earnings news, we have two major S&P 500 companies reporting this morning:

Home Depot (NYSE: HD) lost a cent today, reporting third-quarter earnings of $3.74 per share on sales of $41.4 billion. However, Wall Street expected sales of only $41.2 billion, so the news isn’t all bad. However, for the full year, Home Depot expects sales to grow about 3% with “slightly positive” same-store sales growth, but net profit was down 6% at about $14.01 per share.

Home Depot stock fell more than 4% pre-market.

in contrast, Medtronic (NYSE:MDT) beat earnings by a nickel with fiscal Q2 2026 earnings of $1.36 per share and sales of $9 billion, again better than expected. Medtronic led higher than expected, with fiscal 2026 earnings expected to range from $5.62 to $5.66, and Medtronic stock rose nearly 4%.

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